FCA tells parliament they don’t investigate bank fraud

At the Treasury Select Committee hearing in February when MP Jesse Norman questioned the Financial Conduct Authority about their collusion with HSBC to cover up massive fraud, there was some confusion as to what the FCA’s powers were in investigating and prosecuting fraud:

At the end of the hearing the Chief Executive Martin Wheatley stated that he wished to supply parliament with a “legally drafted” letter setting out their position. The letter is extraordinary because it states that the Financial Conduct Authority will not prosecute cases of fraud and that the matter should be dealt with by the police. This is the police’s response to my report of the fraud. Here is the letter to Andrew Tyrie, Chairman of the Treasury Select Committee:

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