New complaint against the FCA

I have today made a new complaint to the Complaints Commissioner about the disgraceful behaviour of the FCA and what I perceive to be a new cover-up in progress. I have also copied in Andrew Tyrie and George Kerevan of the Treasury Select Committee, who have previously dealt with the issues.

Dear Mr Townsend

Regrettably I have to make a further complaint to you concerning the conduct of the FCA and their investigation into HSBC/HFC/John Lewis.

Since you published your decision last December the only notable thing that FCA have done is appoint two new NEDs from HSBC and John Lewis – the two entities that they are supposed to be investigating. (

Furthermore, Tracey McDermott (now a CBE) misled the Treasury Select Committee’s George Kerevan on 20 January in stating that the problems were a historical matter concerning only HFC. This despite the fact that last year I had filed a new report on John Lewis Financial Service Limited, which is of course HSBC. (

On 13 April I attended a meeting at FCA in which I presented all my evidence ( ) and it appeared to me that the Authority had accepted that the charges were unlawful and were more interested in the extent of the detriment. I have a recording of the meeting, should you wish to hear it. As I mentioned to them, it would be simple matter to ask HSBC for copies of all invoices for debt recovery that they had actually paid. They might also wish to investigate the circumstance surrounding the departure of HFC solicitor Duncan Hamilton.(

I have been in touch regularly with the FCA feeding them information, the most serious of which is that it appears HSBC are producing forged statements in an attempt to deny that the charges were even added. ( I also reported this to City of London Police and the SFO, neither of whom took any action and again referred me back to the FCA. The FCA maintain their position (incorrectly) that they do not prosecute fraud, despite issuing press releases of fraud cases they have prosecuted.

On the appointment of the new CEO Andrew Bailey I wrote to him expressing my concerns that it appears no progress was being made. The responses I received were extraordinary, as it appears that the FCA are still maintaining that the issue can be confined to HFC. As you are aware, HSBC surrendered HFC’s credit licence just before the FCA took over the OFT’s role, with the added power to order redress. The FCA have effectively told me to get lost and mind my own business. (

I believe the situation has, once again, become farcical. Not only are the FCA disrespecting their commitment to you, they are also misleading parliament in their responses. This slovenly behaviour by Tracey McDermott at the most recent TSC hearing is disgraceful –

I have copied Andrew Tyrie and George Kerevan into this email as I believe a concerted effort is now required to ensure the FCA perform their duties as required. The illegal charges are still being paid by customers of HFC (now HSBC) and John Lewis etc. I have also made this email public – the only recourse I have to the secrecy and perceived further cover-up is to ensure the issue in is the public domain.

I look forward to hearing from you.

Yours sincerely
Nicholas Wilson