FCA colluded to cover up alleged HSBC fraud

January 23, 2015 By Ian Fraser

HSBC_2544376bWhen John Griffith-Jones and Martin Wheatley, chairman and chief executive of the Financial Conduct Authority, appear before the Treasury Select Committee at 9.30am next Tuesday, 27 January, the 13 MPs on the committee have an unprecedented opportunity to establish whether the FCA, just like its predecessor the FSA, is colluding with banks to cover up alleged fraud.

The MPs will almost certainly ask the regulator’s top bosses about obvious failures like the FSA’s “review” of the “misselling” of interest rate hedging products to SMEs by British banks, a review the regulator  outsourced to the guilty banks, thereby denying many small companies either a fair hearing or any real opportunity for proper compensation or justice (see my The Times article from September 2014)

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