Chair, Premier FX Liquidation Committee
"Fraud is one third of UK crime and the crime that most affects the public, however the Police are reluctant to investigate. Consumers are misled into placing trust in financial services by misleading advertising and criminal firms who use the halo of FCA authorisation and holding accounts in major banks in London to falsely hold out they can safely hold your money while, in reality, they are stealing it with impunity.
Consumers try to report their theft and find they fall into a black hole between the FCA and City Police who have an MOU to not investigate fraud unless there is an intergovernmental agreement which requires UK participation in a high profile investigation.
Consumers are easy prey to fraudsters operating with an FCA badge.
A cynical policy is being practiced by the captains in the financial authorities and city institutions to continue to make billions from providing banking services to criminals. 98% of consumers are unsophisticated users of financial services and they are unprotected and systematically exploited by fraudsters and the UK authorities. There has to be a rebalancing of power away from the bias of the rich city institutions and the top 10% Rich LIst who hold shares and assets in the Finance firms to solve this corruption. I aim to help achieve this rebalancing and transparency in financial services and regulation.
To achieve this, we need as a first step, the establishment of a Regulator who works for the people and is answerable to a Consumer Board and to Parliament with a budget controlled by the Consumer board. Two city expert reps could be on the board under clear rules.The Finance industry would still fund it and but not control it. The CEO of the FCA is directly answerable to the Board and Parliament not HMT and the Board will have powers to remove the incumbent, within their tenure, if fraud and corruption is not kept under control under measurable performance standards".