Boss of City regulator accused of threatening consumer group over £9.1bn car loan scheme

The head of the UK’s Financial Conduct Authority (FCA), Nikhil Rathi, is accused of threatening a consumer group over a £9.1bn motor finance compensation plan, according to court filings reviewed by The Guardian. The documents allege the warning of “adverse consequences” was made during a Microsoft Teams call on 27 April with directors of Consumer Voice (CV), hours before the deadline to challenge the FCA’s proposed redress scheme. Filings claim the FCA leader suggested the regulator would be “unable to collaborate” and would issue adverse press briefings if CV pursued legal action. The case is heard at the UK’s Upper Tribunal.