The UK’s financial regulator is facing allegations that its leader threatened legal action against a consumer group opposing a £9.1 billion compensation deal tied to the motor finance scandal. Court filings suggest the FCA chief executive’s remarks could constitute an improper use of authority by a public official. Critics argue the intervention risks undermining transparency in the dispute over the settlement. The claims have been detailed in legal documents reviewed by The Guardian.
FCA chief, Nikhil Rathi, warned of ‘adverse consequences’ if challenge made to settlement, court filings allegeThe boss of the UK’s financial regulator is accused of threatening a consumer group with “adverse consequences” if it blocked a £9.1bn compensation scheme meant to settle the motor finance scandal.Legal documents reviewed by the Guardian said the alleged comments by the Financial Conduct Authority (FCA) chief executive, Nikhil Rathi, amounted to “an inappropriate intervention by a public official”. Continue reading...
