In January 2017 it was announced that HSBC had voluntarily agreed with the FCA to pay £4m in redress to victims of the fraud which I have campaigned about for 14 years. This came after years of doing nothing, except colluding with HSBC to cover up the fraud, on which the Complaints Commissioner has made a scathing report. I first reported the fraud to the FSA (the Financial Services Authority) in 2012.
This figure is woefully inadequate and was quickly put together, within three weeks, following an embarrassing realisation I had made concerning the Solicitors Regulation Authority, the FCA and HSBC. [It was also made a time Andrew Bailey, CEO of the FCA was meeting with HSBC and Saudi Aramco to discuss bending the Stock Exchange rules so that the Saudi oil company could launch their Initial Public Offering at the London Stock Exchange].
I therefore had a meeting at the FCA in Febraury 2017 when I presented to them the outcome of about 3 weeks work analysing a database of county court judgments which had been sent to me anonymously. I gave them the rationale of my analysis:
The result of the analysis, shows a total of £158,505,155 in illegal fees were added according to the database. However, the practice continued between 2003 and 2009 and the db only partially covered 2004-8, so a reasonable extrapolation would give a total of illegal charges of £200m+.
Since my meeting with the FCA they have refused to consider this data because they say they cannot “authenticate it”
This is an extract from a letter I received from the FCA dated 1 March 2018 is in response to a complaint I have made to the Complaints Commissioner for precisely the reason they have set out – their refusal to look at the data because it was leaked to me. They can validate the data by contacting HM Court and Tribunal Service and requesting copies of the documents relating to the claim numbers in the database. I could also do the same under the Civil Procedure Rules 5.4C but it would cost me £10 each time, effectively £1,390,000.
I consider the FCA’s refusal to look at evidence which will prove the extent of detriment of the illegal charges amounts to misconduct in public office (technically nonfeasance, a failure to do something they have a duty to do), which is a common law offence and punishable with prison. Today I phoned the Crown Prosecution Service to ask if it is possible for the public to report a misconduct in public office offence and they said I had to go to the police. The problem with that is David Manley, of City of London Police who I have been dealing with over the years, now works at HSBC.
I have written to the Complaints Commissioner