HSBC Whistleblower

[MorganaNK]

Not sure if this is the right place for this but...

 

 

 

https://realfare.wordpress.com/2015/11/26/hsbc-whistleblower-biggest-bank-fraud-in-british-history-carried-out-on-uk-shoppers-and-covered-up/

[citizenB]

 

HSBC Whistle-blower: Biggest Bank Fraud in British History Carried Out on UK Shoppers and Covered Up

 

“In my position, as you can imagine, I’ve got a few enemies.” An anonymous tip off has contacted the DWP to suggest that Nicholas Wilson is frauding the benefits office. “They sent a letter calling me in for a compliance interview.”

 

The irony is that Nicholas Wilson is a whistle-blower, who has been trying to expose what would be the largest bank fraud in the history of the UK, totalling over £1bn. This is made up of illegal charges imposed by HFC Bank – previously a subsidiary of HSBC, onto unsuspecting UK customer debts on high street store cards.

 

 

 

“I’ve been campaigning ever since. The SRA upheld my complaint, they said it was unlawful but they didn’t take any action and said it only happened in a small number of cases.”

 

The charges were overseen by 2 solicitor firms – Weightmans and Restons.

 

“I’ve calculated that in the year of my complaint, 2006, 2 firms between them added£44m of illegal charges in that one year. So, a small number of cases?”

 

When leaving Weightmans, Wilson helped some customers get their money back, but while the SRA upheld his complaint, he found HFC continued adding the illegal charges to customer cards. He now estimates the fraud to have affected between 500,000 – 600,000 UK customers with charges ranging from £500-£5000.

 

“The silence of the mainstream media is driving me insane actually. It really is.” Wilson relays the numerous times he has been contacted and worked with news stations, sometimes for months at a time, before the story is pulled at the last minute.

 

 

 

Interesting article.

[silverfox1961]

This quest has been going on for some time yet it is the first time I have seen it.

 

I am, on the balance of probabilities, believing his statements. I have spent some time reading various posts on the blog and it does seem that there IS a 'buddy' system in place. Instead of bringing banks to task, give the protagonists a job in government.

 

I haven't gone back far enough to see what Labour did but from what I have read since 2010, it appears that there 'may' have been collusion between the bank, the regulator and the government.

 

Highly unethical in my opinion.

[citizenB]

It does look as though the regulator has done a U turn over this and now intends to investigate..

 

http://www.theguardian.com/business/2015/dec/09/fca-investigation-hsbc-whistleblower-complaints-credit-cards

 

 

FCA set to investigate HSBC amid claims of 'improper practices'

 

Complaints commissioner forces inquiry at regulator, accusing it of mishandling reports of credit card overcharging

 

The City regulator is set to launch an investigation into whether large numbers of people lost out financially because of “improper practices” at HSBC, after a 12-year campaign by a whistleblower.

 

The Financial Conduct Authority (FCA) had originally decided to take no action in the case, which involves credit card customers being overcharged, but has reversed that decision after its complaints watchdog accused it of mishandling the matter.

 

 

In a strongly worded 10-page ruling, the Office of the Complaints Commissioner, which investigates grievances relating to the regulator, said the FCA had presided over a series of events “bordering on the farcical”, was “negligent” and “defensive”, and had even attempted to “shift [the] blame” on to the whistle-blower, Nicholas Wilson.

 

 

[citizenB]

However at the same time ......

 

The City regulator, the Financial Conduct Authority (FCA), has shelved plans for an inquiry into the culture, pay and behaviour of staff in banking.

 

http://www.bbc.co.uk/news/uk-35204010

 

 

The FCA had planned to see whether pay, promotion and other incentives contributed to misconduct seen in previous years.

 

The review was meant to be a major piece of work by the watchdog.

 

Mark Garnier MP, a Conservative member of the Treasury Select Committee said he was "disappointed" by the decision.

 

He said there may have been a political motive.

 

 

 

Asked whether the regulator may have come under political pressure to shelve the inquiry Mr Garnier told BBC Radio 4's Today programme: "There's always been this great argument that perhaps the Treasury is having more influence over the regulator than perhaps it ought to."

 

"And certainly if I was looking for a Machiavellian plot behind what's happened here and the tone of the regulator then I suppose I would start looking at the Treasury.

 

"And it's certainly been widely talked about that the Treasury thought the regulator was overdoing it in favour of the consumer and certainly from my point of view on the Treasury Select Committee, I thought otherwise," he added.

 

[citizenB]

It looks as though they are having problems replacing Martin Wheatley, who IMHO was doing rather a good job

 

 

The decision to drop the inquiry comes six months after FCA boss Martin Wheatley - who was originally hired because of his reputation as a tough regulator - was effectively sacked by Mr Osborne, after he was told his contract was not going to be renewed following two tumultuous years in the role.

 

There have been a series of moves perceived as bank friendly in the last year. Martin Wheatley, the former chief executive of the FCA and a fierce critic of the banks was eased out of his position earlier this year and is yet to be replaced.

 

Mr Wheatley was succeeded by his deputy Tracey McDermott in September on an interim basis, but the chancellor has reportedly struggled since Mr Wheatley's departure to attract a new FCA chief, with at least one leading financial regulator said to have turned the job down.

[Guest]

some background info re the 'swiss leak' mentioned in OP, and HSBC exec chairman, and decision not to lose its licence in america.

http://cadtm.org/Swiss-leaks-HSBC-Drug-and-Bank

 

also

http://moveyourmoney.org.uk/hsbc-embroiled-new-mis-charging-scandal/

https://medium.com/insurge-intelligence/death-drugs-and-hsbc-355ed9ef5316#.fa76k3yr5