It is now 9 months since the FCA apologised to me and agreed to re-open their investigation into HSBC/John Lewis Financial Services fraud:
There has been no obvious progress in the investigation apart from the FCA appointing as non-executive directors personnel from HSBC and John Lewis. I am back in touch with the Complaints Commissioner concerning the apparent lack of progress. One issue the FCA have always maintained is that the fraud took place before their remit to regulate consumer credit. However, only yesterday they made an order against CFO Lending for practices which similarly occurred before their remit.
Furthermore, the FCA seem keen to limit the responsibility for the fraud to HFC Bank, which no longer exists. This is especially disingenuous because HSBC and John Lewis Financial Services still exist, and HSBC is still receiving payment of the illegal charges.
For these reasons I have decided, against the wishes of the FCA, to release the recording of my meeting with them in April, so that the public can hear exactly what evidence they have received and ask themselves why, still, no action has been taken. I first reported the fraud 4 years ago. I can be heard on the tape saying to the FCA that I wouldn’t publish it unless nothing happens.
Here is the recording and here is the evidence presented to the FCA.