HALF A MILLION PEOPLE WERE DEFRAUDED
Imagine you are behind on your store card payments. You are already struggling. Then the bank quietly adds an extra charge on top of what you owe. Not because it costs them that much. Just because .. they can. And because they think nobody is watching.
Someone was watching.
Nicholas Wilson was a debt recovery lawyer. He goes by Mr Ethical
@nw_nicholas on X. His old boss meant it as an insult. In 2003 he noticed that
@HSBC subsidiary HFC Bank was adding an illegal 16.4% charge onto the debts of people who were already in financial trouble.
Store cards from John Lewis, Currys, B&Q, Dixons, PC World. Ordinary people. Struggling people. Being quietly robbed.
He told his boss it was illegal. His boss started calling him "Mr Ethical" as a joke. Then they sacked him.
He reported it to the regulators.
@TheFCA ignored him for years.
When a researcher separately wrote to both HSBC and the FCA asking about the fraud...
... both wrote back with responses in the exact same wording, same punctuation, same paragraphs. The bank and the regulator were sharing the same script.
FCA's own independent Complaints Commissioner eventually investigated. He called it the worst case of regulatory failure he had ever dealt with.
FCA's response was to appoint Ruth Kelly, an HSBC director, and Baroness Hogg from John Lewis, onto its own board. The two people they were supposed to be investigating were now sitting inside the regulator.
You actually cannot make this up.
After 13 years of Wilson refusing to go away, HSBC quietly agreed to pay some money back. FCA announced 6,700 victims.
Wilson says the real number is closer to 500,000. HSBC has now set aside Β£223 million for repayments. No fine. No criminal charges. No one went to prison. No one was even publicly named.
Wilson has spent the last 20 years unemployable. Blacklisted. Living on state benefits. Fighting to keep his home. Someone even anonymously reported him to the DWP for benefit fraud while the actual billion pound fraud went unpunished.
The bank that robbed half a million people kept its licence.
The man who caught them lost everything.
Source:
@guardian |
@BBC |
@PrivateEyeNews |
@SundayMirror | @realmediauk | nicholaswilson com |
@nw_nicholas and others.