City watchdog ‘nakedly’ siding with lenders on car finance redress, 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 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. Continue reading...

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