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Evening Standard
Evening Standard
Business
Anna Wise

FCA prepared to tweak car loan compensation scheme after pushback, boss says

FCA Nikhil Rathi Financial Conduct Authority the Financial Conduct Authority Budget OBR
The Financial Conduct Authority’s consultation on its proposed motor finance redress scheme closed earlier in December (FCA/PA) - (PA Media)

The UK’s financial watchdog is prepared to adjust its proposed motor finance compensation scheme after hearing from more than 1,000 businesses and consumers, its boss has told MPs.

Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said some lenders have so far been “very focused on things they don’t like” about its proposals.

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