The UK’s Financial Conduct Authority defended its plan to compensate consumers over missold car loans, saying its proposed program will bring the yearslong saga to a close and give certainty to consumers and businesses.
“We either find a way to put them in a scheme and they can be dealt with in an orderly, efficient and consistent way” or “go through firms, the Financial Ombudsman Service and the courts with a potential for inconsistent and uncertain outcomes,” the watchdog’s chief executive Nikhil Rathi told members of the Financial Services Regulation Committee in the House of Lords on Wednesday.
UK Watchdog Defends Car-Loan Redress as Banks Prepare for Battle
