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Letter To Andrew Bailey FCA 29/08/2017

8/31/2017

8 Comments

 
Picture
​Andrew Bailey, CEO
The Financial Conduct Authority
25, The North Colonnade,
Canary Wharf, London E14 5HS
                                                                                                                        29th August 2017
 
Dear Mr Bailey,
 
S166 Report re RBS.GRG
 
This letter is a request on behalf of SME Alliance members who have been adversely affected by the GRG department of RBS. It has been widely announced in the press that the FCA report into RBS GRG has been leaked and the BBC has had sight of the entire report. We understand the FCA report found many businesses were badly mistreated by the GRG division which is something many of our members have long alleged and which the Bank has repeatedly denied.
 
It is reasonable and in fact obvious that, had victims of GRG had sight of your report prior to going through any redress scheme, complaints to the FOS and/or and most importantly, through costly court cases, your findings would have lent considerable weight to the outcomes. Therefore the secrecy the FCA has adopted (undoubtedly attributable to Section 348) will have been materially detrimental to victims and may have resulted in any Court being seriously mislead by the Banks highly remunerated legal teams. In short, withholding the S166 report may have caused multiple miscarriages of justice.
 
We note your three operational objectives are: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.  We fail to understand how withholding the report into RBS GRG will support any of the objectives or why it has not already been made available to help secure protection for consumers, which all business owners who secured loans with personal assets, are.
 
As you may already know, the conduct of some GRG staff has resulted in depression, destitution and sadly even tragedy for those victims who chose suicide rather than a seemingly futile opposition to RBS/GRG’s aggressive actions. We would therefore be grateful if you would advise us as to when the full report will be publicly available before yet more damage is done? Failure to release it can only result in further miscarriages of justice and those withholding crucial information will be perverting the course of justice.
 
Finally, you have commented in the press to say much of the work done by the GRG division is unregulated and therefore the FCA’s powers may be limited. If this is the case, we would question why the FCA undertook its review in the first place? We also ask if RBS and all its divisions are immune from the FCA Principles for Business because it is clear none of the findings meet the criteria of any of the 11 Principles, in particular Principles 1, 6, 9 and 10. We are very concerned that while the FCA may discipline RBS for breach of its Principles (with a hefty fine which will be paid by its shareholders – predominantly the tax payer) it may feel such an ineffectual penalty will suffice.
Our members and thousands of other business owners would be devastated should this be the case so we need your assurance this systemic fraud will not be swept under the carpet leaving yet more SMEs to face misery and penury. This is not a game of the smartest lawyers win – this is about people’s lives and we hope the FCA, under your direction, will now see fit to release a report which may make it easier for victims of RBS GRG  (known internally as the slaughter house) to get justice.
 
Thank you for your attention to the above and we look forward to hearing from you as a matter of urgency.
 
Yours sincerely
 
 
Nikki Turner and Nick Gould
Directors, SME Alliance Ltd (a not for profit organisation)
On behalf of SME Alliance members.
 SME Alliance Ltd. Company No. 09280003. Registered address: 3 Morley's Place, Sawston, Cambridge, CB22 3TG www.smealliance.org smealliance2014@gmail.com
8 Comments
Anthony Badaloo link
9/1/2017 12:34:47 pm

Andrew Bailey and FCA staff is supporting a criminal cartel to steal Assets and Children, with the use of Fraudulent cases, supported by bogus Court Orders - Sign the petition and see video here:- http://bit.ly/FCAEvade

Reply
Anthony Stansfeld
9/3/2017 10:37:21 am

As PCC for Thames Valley whose police successfully prosecuted the similar HBOS case I fully support the SME alliance on this. Similar scams were worked by at least two other banks. High time this was looked into by the Treasury Select Committee.

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Nigel Harper
9/3/2017 09:47:34 pm

The Treasury and Hammond are pulling the strings here. Protecting each other's arses. They are conflicted and hindering Dr.Andrew Bailey in his role as Regulator.

It is very clear to me that the Treasury and No10 have been covering up for failed Prime Ministers, Chancellors, and Civil Servants desparate to paper over the cracks in our corrupt banking Leadership.

The Chairmen are unfit to lead as are the Executive and Senior Management.

Asset stripping is rife. Victims plentiful and the Government is covering up on an industrial scale.

If anyone has any doubts of the duplicity of the Treasury, and Civil Servants, ask the victims whom they ignore and obfuscate in their pursuit for justice, honesty and integrity from the government.

Teresa May has to set up a Treasury Select Committee as soon as possible to examine the Chairmen, Treasury Civil Servants and Board members. The victims deserve this.

The time for honesty is now. The Civil Servants who support such corrupt practices across government and banking is over.

Let the FCA regulate and do their job robustly and without interference.

Bankers gaming of victims and HMRC has to stop.

Sack the Chairmen, Civil Servants who support such crimes against the public.

This is not public service, it is fraud.

Reply
Helen Gordon
9/6/2017 01:22:26 pm

I agree with your comment my case against Royal Bank of Scotland Groups theft fraud and obstruction of justice is indisputable and the evidence of RBS Group obstruction of justice has been ignored by the Banks Regulators HMTREASURY and the Government and a corrupt judiciary who to this date have allowed the Defendant Bank to fail to reply to my affidavit reply to its pleadings at the close of pleadings at the strike out stage because the banks defence proves my prosecution case against it that the bank committed theft fraud and obstruction of justice. I challenge the banks and its corrupt legal advisors Dentons to reply to my affidavit.

Annie Yau
9/4/2017 10:37:57 pm

I agree with the SME Alliance that this FCA should publish the report, because of the public interest in the issue. However, in principle, I don't think the fact this report has been leaked should be determinative of whether or not it should be published. To do so on this basis alone would set an unhelpful and dangerous precedent.

Reply
Peter
9/5/2017 11:01:49 am

Good letter!
But think there may be a more obvious reason why the report is not being published. There are three parties in this: the bank, the regulator and the so called skilled person that produced the report. Call me a cynic but I think the regulator disagrees with the skilled person's findings (maybe thinks the skilled person is being too harsh). It would explain why the FCA is so keen to write its own "full account" of the report (what does "full account" even mean!?). It would also explain the leak - the skilled person is unhappy their report is being buried.

Only one way to find out - publish and we'll all see!

Reply
Barbara Richardson
9/22/2017 04:08:56 pm

Thank you. An excellent letter. Emerging from the dark tunnel at last, I am encouraged, and indeed slightly amazed, that the iniquity that was visited on me and my company is in the mainstream.
I am meeting my MP next week to discuss my experiences. I will join your organisation and I will contribute to the review of the APPG on Fair Business Banking.
Barbara Richardson

Reply
Ashlee link
11/29/2020 04:30:15 pm

Hello matte great blog

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