HSBC gets confident with help from the FCA

Throughout my campaign to expose HSBC fraud I have always estimated the total level of fraud at £1bn (this includes the practices of HFC Bank prior to HSBC purchase, which they assumed liability for and John Lewis Financial Services, an HSBC company). The bank itself had made provision in it’s accounts or $1bn:Screen Shot 2016-02-23 at 09.57.33Since the FCA covered up the fraud and my complaint to the Complaints Commissioner was upheld, resulting in an apology from the FCA and an assurance that they would reconsider their decision not to take regulatory action, the FCA has recruited a current John Lewis director and an ex member of HSBC staff.

In its most recent annual report HSBC has now downgraded its provision for this fraud from $1bn to $0.4bn.

reductionIt seems that once again the FCA is reassuring the bank that its liability will be limited, if they are found liable at all.