{ "story_id": "739c2268b9f3d6f55eefc33f551f8d44", "desk": "drm3", "revision": 1, "published_at": "2026-09-01T12:50:47.000Z", "content_hash": "bc4b9fd65570f6a8682148a540154621ceae1440a833b68833302bf72748adff", "hash_basis": "sha256 over `headline\\ndek\\nprose`, plus `\\n` + the canonical citations JSON when any source is placed, plus `\\n#blog` for blogs", "basis": { "headline": "UK Regulator Boss Accused of Threatening Consumer Group Over Car Loan Scheme", "dek": "Nikhil Rathi accused of threatening Consumer Voice with adverse consequences over £9.1bn car loan redress scheme.", "prose": "Nikhil Rathi, chief executive of the UK Financial Conduct Authority (FCA), is accused of threatening Consumer Voice with adverse consequences if the group blocked a £9.1bn compensation scheme for mis-sold car loans. [^1]\n\nConsumer Voice, a consumer rights group represented by solicitors Courmacs Legal, has accused the UK Financial Conduct Authority (FCA) of prioritizing lender costs over consumer protection in its motor finance compensation scheme. [^2]\n\nConsumer Voice, founded by Nikki Stopford and Alex Neill in 2023, is challenging the FCA's redress scheme on the grounds that it offers an average payout of £830 per mis-sold loan, which they argue is too low. [^3]\n\nLegal documents reviewed by the Guardian allege that Rathi warned Consumer Voice directors during a Microsoft Teams call on 27 April that the FCA would be unable to collaborate with them if they took legal action. [^4]\n\nThe alleged threat included warnings of adverse press briefings against Consumer Voice and suggested that the regulator's willingness to engage constructively was contingent on the group not challenging the scheme. [^5]\n\nConsumer Voice argues that the FCA knowingly set the minimum compensatory interest rate at 3%, which is below the actual borrowing costs most consumers faced during the scheme period. [^6]\n\nInternal FCA documents cited by Consumer Voice claim the decision to set the interest floor was driven by a desire to limit financial strain on lenders, simplify the scheme, and reach a final decision quickly. [^7]\n\nThe FCA's motor finance redress scheme targets an estimated 12.1 million car finance agreements mis-sold between 2007 and 2024, with an average payout of £829 per eligible consumer. 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