As usual the mainstream media are in confusion when faced with a confusing situation such as the resignation of Martin Wheatley of the Financial Conduct Authority. They rely mainly on the official press release of the FCA with quotes such as “Martin has done an outstanding job…” The Guardian presumes to know that:
The Telegraph, however, reports:
Record fines? Let’s see how FCA/FSA fines compare with those of the Securities and Exchange Commission in the US:
Whether Wheatley is a tough regulator or soft regulator it’s quite possible that he’s a corrupt regulator. Those familiar with this site will know that the FCA lied to me in response to a Freedom of Information Act request by copying and pasting text they received from HSBC, also lies. Martin Wheatley was questioned about this collusion by the Treasury Select Committee in February 2015 when he admitted that it happened, admitted that it did not create a “good impression” and stated since the FCA was now aware of the £1bn fraud, they would not be taking action to address financial loss to victims because the authority didn’t have the resources. So much for a tough regulator not afraid to take on the banks.
I made a complaint to the Complaints Commissioner about the FCA’s behaviour. The Complaints Commissioner is Anthony Townsend, who was Chief Executive of the Solicitors Regulation Authority at the time they covered up the fraud. However he has stated this (click to enlarge):
My complaint was first made on 25 February 2015. The Complaints Commissioner states on his website that they usually like to deal with complaints within a month. This was the most recent response received from the Commissioner (my complaint is being handled on my behalf by Ben Tomeo):
What on earth could be so complex about a simple collusion between the FCA and HSBC? As usual the Commissioner has granted himself a further 4 week extension. That four weeks expired on 17 July, without further correspondence from the Commissioner – the day that Martin Wheatley announced his resignation.
If this is the true reason for Wheatley’s dismissal (George Osborne told Wheatley his contract would not be renewed next year) the public will not be made aware of it because it will draw attention to the HSBC fraud, the monumental cover-up of which has also involved David Cameron and other Tory MPs. Although I have not an ounce of sympathy for Mr Wheatley, I think he has been scapegoated to protect the Tory party.
No doubt Martin Wheatley will now walk straight into a job at HSBC.