Nikhil Rathi

Nikhil Rathi is the Chief Executive Officer of the Financial Conduct Authority (FCA), the UK's financial regulatory body. He is currently in the news due to significant challenges facing the FCA's £9.1bn car finance compensation scheme. The scheme, designed to compensate motorists overcharged due to commission payments in car loans, is experiencing delays. Rathi and the FCA have expressed frustration with legal challenges from lenders and a consumer claims group, warning that these could postpone payouts for several years and potentially add £6bn in extra costs to lenders. The FCA had initially anticipated payouts to begin this year, with an average of £830 per affected individual. The current situation highlights the complexities and potential roadblocks in implementing large-scale consumer redress schemes under Rathi's leadership at the FCA.