City regulator chief threatened consumer group over £9.1bn car plan

The UK's Financial Conduct Authority (FCA) faces allegations of threatening a consumer group, Consumer Voice, over a £9.1 billion car loan compensation scheme. Legal documents claim FCA Chief Executive Nikhil Rathi warned that opposing the scheme could lead to adverse consequences for the group’s future engagement and media coverage. The dispute arises as Consumer Voice challenges the scheme, which they argue offers insufficient compensation to consumers mis-sold loans, while the FCA defends the scheme as the best way to deliver redress.

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