Exclusive: Cross-party MPs critical of Amigo plan to cap mis-selling compensation while executives get £7m in bonusesThe City watchdog is under pressure from cross-party MPs to define 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 retort approximately how it was regulating firms like Amigo, or whether it is was fulfilling its obligation to protect consumers.
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Source: theguardian.com