A MEMBER’S EMAIL TO THE NEW CEO OF THE FCA
A Member’s Email To Andrew Bailey – New CEO of the FCA
We have already had a number of members confirm that they have now emailed the Andrew Bailey as requested an couple of hours ago.
We thought you would appreciate sight of one of those emails, setting out as it does a clear example of one of the major failures of the FCA Redress Scheme. The email is set out in full below.
The email is lucid and calmly written and describes just one example of the wholly unjust application of the FCA Redress Scheme and the continuing refusal of our high street banks to accept responsibility for their clear misconduct.
Please do email Andrew Bailey now as requested in our Newsletter. Support thousands of businessmen and business woman who have received meagre or no redress over four years since the deliberate mis-selling of IRHPs was publicly acknowledged by the FCA
A MEMBER’S EMAIL TO:
Financial Conduct Authority
25 The North Colonnade
17th July 2017
Dear Mr Bailey,
The astonishingly unjust FCA Interest Rate Swap Redress Scheme
In your new role as Chief Executive of the FCA I am writing to you in connection with the complete failure of the FCA Redress Scheme to make reparation for the interest rate swap scam perpetrated on me by Lloyds Bank which has cost me over £1.3 million plus interest and consequential loss since 2008. I am 68 years old. This money was to be my wife’s and my pension. We owned and ran a small franchised motor dealer group Spirit Motor Holdings Ltd. We are not destitute but this experience has had a life changing impact on our lives which have been turned upside down in financial terms and in so many other ways.
We were sold the Lloyds Enhanced Collar in 2008 under duress. In 2009 after we had complained about this to Lloyds through our lawyers we were forced to sign a settlement agreement in exchange for peanuts and again under duress after being effectively threatened with financial oblivion by Lloyds in the middle of the financial crisis if we did not accept their terms. They told us at the time that their legal position was watertight which we now know was a flagrant misrepresentation. A big lie as proved by their subsequent written offer of £446k compensation which we rejected. This settlement agreement has prevented us obtaining redress through the courts.
I have asked Lloyds repeatedly to meet with me at a senior level to hear my story face to face and have been met with repeated refusals. They even refused the same request made in a joint letter from my family’s three Members of Parliament. These people seem to be existing in a parallel universe in terms of decency, morality and basic business ethics and under its previous leadership the FCA has been supporting this shocking conspiracy of injustice aided and abetted by George Osborne we believe.
My lawyers have told me that the type of swap product we were miss-sold is particularly vicious and an automatic miss-sell under the terms of the FCA redress scheme from which I am excluded on the grounds I am sophisticated having left school aged 16 with two O levels.
Now that we have a new Prime Minister and Chancellor in place I hope you will agree that given your new appointment and fresh eyes the time is right to revisit these cowardly and astonishingly unjust “sophistication” exclusions which are worthy of a banana republic. This is after all the United Kingdom we are living in…. a country that must not tolerate industrial scale injustice by the mighty and powerful on the little people. Isn’t that what the FCA is supposed to protect us from?
Mr Bailey we are crying out for justice. I hope you are listening and will support us
On behalf of Spirit Motor Holdings Ltd c/o