On 17 Novemeber 2010 the Office of Fair Trading made an order against HSBC (HFC) telling them to stop adding illegal charges to accounts in default. Something that I had told the bank was illegal in 2003. The total amounts to some £1bn, for which HSBC has suggested a contingency liability, in its latest accounts, of $1bn.
The timing of this order was inconvenient because Cameron, who had recently been elected, wanted to make the bank’s chair Reverend Stephen Green a Lord and Trade Minister. So, the OFT order was only published on the day that Green was introduced to the House of Lords but tucked away in a press release issued by the OFT about something else entirely, charging orders. The order was not reported in the media.
In 2014 the Financial Conduct Authority copied and pasted some text from HSBC in reply to a Freedom of Information Request I had made and sent it to me and Joel Benjamin, which stated that the bank was entitled to add the charges. The FCA has subsequently admitted to the Treasury Select Committee that it had copied and pasted the text and that the text was 100% untrue, being the exact opposite of what the OFT order stated.
Following the OFT cover-up which I exposed in June 2014 and following a lecture I gave at the Ethical Society in the same month, exposing all the details of the fraud and Cameron’s cover-up, in August ex-banker, now Business Secretary Sajid Javid, with Cameron’s approval, appointed an HSBC director, Rona Fairhead to head of the Trustees of the BBC. The BBC have not reported the questions in parliament to the FCA or any other aspect of the fraud.
Fairhead started at the BBC in October 2014, at the same time Sir Jonathan Evans, ex-head of MI5 (security service) and now an HSBC director, [who I believe has helped muzzle the press], was quietly made a Lord, having been nominated personally by David Cameron. The promotion was not reported.
None of this has been reported in the mainstream media. The following media outlets have investigated and either spiked the story or not followed it though: BBC News, BBC Panorama (twice), BBC Money Box, ITN News, Channel 4 Dispatches. Sunday Times*, Telegraph, Guardian, Sun, Private Eye (they did publish something recently though), Reuters, Bureau of Investigative Journalism, Exaro News, Bloomberg and various other journalists who I can no longer remember. The Sunday Mirror has published this.
A very prominent lawyer sent this to a BBC journalist last year:
This is a very big scandal that undermines the legal profession and banking. My guess is that ultimately there will be resignations and criminal charges.
It is very far reaching and needs to get to a much wider audience.
Last year I contacted Justin Welby, Archbishop of Canterbury, who professes an interest in banking reform, having sat on the Parliamentary Commission on Banking Standards. He said he couldn’t get involved but that he would pray for me. Lord Green, an ordained priest, is a Trustee of the Archbishop of Canterbury’s Anglican Communion Fund and recently produced the Green Report, for the Church of England.
If any media had reported the situation of Cameron covering up the “worst and largest single case of banking fraud to have ever emerged in this country” (Nafeez Ahmed) in order to get the ex-chair of the bank, and a current director, into government, he would have had to resign. Instead he has been re-elected to Prime Minister for another 5 years.
Apart from the FCA the fraud has also been covered up by the Solicitors Regulation Authority, the Ministry of Justice, the Legal Services Board, the Office of Fair Trading, the Financial Services Authority, various MPs and Lords; and the police refuse to taken action. All details are on this site.
* I worked with the Sunday Times on the story for about a month this year. They blocked the story. The Associate Editor, Camilla Cavendish has now been appointed to the Downing Street Policy Unit. She was a contemporary of Cameron’s on the PPE course at Oxford .
This is how I voted in the election. It seems I won.