FCA under pressure to explain green light for sub-prime lender’s rescue plan

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Exclusive: Cross-party MPs critical of Amigo plan to cap mis-selling compensation while executives get £7m in bonuses

The City watchdog is under pressure from cross-party MPs to explain why it is allowing the sub-prime lender Amigo to push ahead with a rescue plan that will cap compensation payments for nearly 1 million customers, while giving executives the chance to earn £7m in long-term bonuses.

The shadow City minister, Pat McFadden, and the head of the Conservative-led Treasury committee, Mel Stride, said the Financial Conduct Authority had questions to answer about how it was regulating firms like Amigo, and whether it is was fulfilling its obligation to protect consumers.

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