Treasury Select Committee hearing

On 10 February 2015 the Treasury Select Committee questioned the Chief Executive Martin Wheatley and Chairman John Griffith-Jones, of the Financial Conduct Authority about why they done nothing about my complaints of fraud by HSBC and about their cut and paste job in reply to a Freedom of Information request. I am grateful to Jesse Norman MP for his work. Here is his transcript of the exchange and this is the video of the session:

Here is the letter the TSC committee wrote to the FCA prior to the hearing, and here is the FCA’s reply.

[update 4.07.15 – Martin Wheatley has received a £92,000 bonus]

I am still studying this material but the first thing I have noticed is that Martin Wheatley, Chief Executive of the FCA stated to parliament .”fraud is not in our power” and “we’re not the authority for prosecuting fraud”. However, the letter above to the TSC states quite clearly “we have power to prosecute”. So it seems the Chief Executive of the Financial Authority doesn’t even know what they do.

Far more serious from my point of view and for the victims of the fraud is that HFC Bank surrendered it’s licence under the Consumer Credit Act in August 2013. On 1 April 2014  the FCA became empowered to make redress in cases of wrongdoing under the CCA. So it seems, HSBC gave up the ghost so as not to have to pay compensation to the victims.

It is apparent from the clip above that the FCA does not intend to take further action in this matter, having, it seems satisfied itself that the Office of Fair Trading’s ruling is sufficient. But look at these rules from the FCA’s handbook on Consumer Credit. It can be seen that the HSBC charges infringe every single one of their own rules (click to enlarge):

Screen Shot 2015-02-13 at 21.58.58Also apparent from the clip above is the fact that the TSC is now aware, because I have told them, that HSBC lied to them about their “fake” solicitors firm, DG Solicitors,  being regulated by the Solicitors Regulation Authority. They were not. This is Contempt of Parliament.