Car finance redress scheme shows City watchdog ‘nakedly’ siding with lenders, MPs say

Cross-party group says Financial Conduct Authority had been ‘patently influenced’ by concerns over profitsThe City regulator has “nakedly taken the side of lenders” in its planned compensation scheme for car loan victims, a group of cross-party MPs has claimed, adding that the watchdog had been “patently influenced” by concerns over profits.The All-Party Parliamentary Group (APPG) on Fair Banking has 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 controversial commission arrangements between lenders and car dealers. Continue reading...