Common problem, yes it can be changed, either a new plastic knob or most go for replacements from B&G , MGF Centre or Mike Satur, Mk1 and Mk2 are different. I have polished aluminium from MGF centre, £30 a set of 3
Could be the cable is not connected to the valve lever properly.
Pop off the triangular kick panel (driver's side) you'll be able to see where the red cable is attached to the valve.
You can adjust the movement of the dial by moving the outer cable up or down.
Clive's how to