The City regulator has “nakedly taken the side of lenders” in its planned compensation scheme for car loan victims and has been “patently influenced” by concerns over profits, a group of cross-party MPs have claimed.
The All-Party Parliamentary Group (APPG) on Fair Banking joined a growing chorus of critics concerned about the Financial Conduct Authority’s (FCA) proposed redress scheme, which is meant to compensate borrowers who were overcharged as a result of commission arrangements between lenders and car dealers.
