It has been announced that in the Queen’s Birthday honours Tracey McDermott, acting CEO of the Financial Conduct Authority, earning over £500,000 a year, has been awarded a CBE (Commander of the Order of the British Empire) for services to financial services consumers and markets.. Prior to acting as CEO she was head of enforcement.
I reported a £1bn fraud by HSBC affecting 5-600,000 consumers to the FCA predecessor FSA in December 2012. Nothing happened and after a Freedom of Information Act request it transpired that the FCA had colluded with HSBC and copied and pasted text to me and another, from HSBC, which lied about the bank’s right to add the illegal “collection charges”. This has been dealt with by the Parliamentary Treasury Select Committee; MPs Jesse Norman, and twice by George Kerevan. (Above – note McDermott’s body language – total disinterest).
The FCA handling of my report was also the subject of complaint I made to the Complaints Commissioner as a result of which he produced a scathing 10 page report of the FCA’s “farcical” failings. This was the final paragraph of his report:
The Complaints Commissioner’s decision was covered by the Times, Guardian and Financial Times.
And this is the FCA’s apology to me following the report (from the Company Secretary, not the CEO or Chairman):
Only in the UK could such gross incompetence, and perhaps worse, be rewarded with a CBE. Meanwhile, as an unemployable whistleblower, I remain on benefits. Well done Tracey.