Barclay’s boss Charlie Nunn, pictured, has said the proposed car finance scheme risked becoming an ‘investability issue’ - Hollie Adams/Bloomberg The chief executive of Lloyds Bank has said an £11bn car finance compensation scheme risks putting foreign investors off Britain. Charlie Nunn said the Financial Conduct Authority’s (FCA) planned redress scheme for drivers who claim they were mis-sold car loans risked becoming an “investability issue” for Britain. Mr Nunn said the “scheme as it’s currently pro ...

Around 30 million car finance loans are under scrutiny by the City watchdog to see if they qualify for mis-selling compensation payments, according to its chief executive. On Tuesday, Nikhil Rathi, the Financial Conduct Authority (FCA) chief executive, said the agency was examining the agreements – which were taken out between 2007 and 2020 – to see if they were mis-sold by banks and qualify for the FCA’s mass redress scheme. Although Mr Rathi said not all the loans would qualify for compensation, he add ...