I have decided to publish the Maxwellisation process with the Complaints Commissioner dealing with my complaint against the Financial Conduct Authority. Maxwellisation is where the subject of an inquiry is given prior notice of any criticism in order for them to comment. I was invited to comment on the Complaints Commissioner’s Preliminary Decision on my complaint of FCA inactivity and collusion with HSBC. I was not allowed to publish any details of the Preliminary Decision or the Commissioner would have withdrawn from the process.
When I received the Preliminary Decision I almost threw in the towel and abandoned the process myself, deciding instead to go straight to the High Court for a Judicial Review, because it appeared that yet another cover-up was in process. I told the Commissioner that if I continued to receive incorrect information from him that that is what I would do.
Although the Commissioner had criticised the FCA for various failings, his only recommendation was an apology to me, with no action to secure redress for the fraud victims. I was also very shocked that his office, at this stage in my fight, also sought to misrepresent the terms of the OFT order against the bank, as the FCA had done.
I am now publishing this information because I think it is important to see what happens behind closed doors, and that the process was by no means a simple case of the FCA being held to account for its “serial failings”. I am of course relieved that the Final Decision shows that the FCA have themselves agreed to re-open the investigation and now hope that redress will be ordered.
Below is the Preliminary Decision, followed by my reply with comments.