Dear Mr. Sunak
I write to implore you on behalf of the British population in general; British victims of financial services scams in particular and the financial services industry in the UK, to dump Andrew Bailey as the next governor of the Bank of England. Immediately.
Secondly, I urge you to sort out the FCA, the Pensions Regulator, HMRC, FOS and POS, the Insolvency Service and the police authorities. Limp, ineffective regulation and law enforcement have long been the facilitators of pension and investment scams in Britain. This devastating and highly embarrassing failure on the part of the British government for so many years has got to be addressed – once and for all.
The case of Andrew Bailey’s appointment as governor of the Bank of England is one which demonstrates beyond doubt that both failure and fraud are rewarded in equal measure in the UK. Bailey has single-handedly proved that Britain’s government and authorities care not a jot about the reform of the toxic element of British financial services. Bailey has turned his back on our country; our people; our reputation as a financial services centre which should be the best in the World. Sadly, Britain has now become not just one of the worst in the World, but a laughing stock internationally.
Those who are laughing loudest are the scammers and fraudsters who have made fortunes – repeatedly for years – out of innocent, hard-working British people. The criminals are still out there, scamming away merrily, while the FCA does nothing. This sends out the message that while petty burglars who steal a few hundred pounds’ worth of goods may get prison sentences, those who steal millions are left free to continue to ply their evil trade and ruin hundreds – sometimes thousands – more innocent lives. And all because neither the FCA nor any other British government agency or law enforcement service is willing or able to bring these filthy criminals to justice.
Your predecessor, Sajid Javid, made one of the biggest bungles in British history by appointing Bailey as the next governor of the BoE and acclaiming him as an “outstanding candidate” in the wake of his years of negligence and outright laziness at the FCA. It is clear that Boris Johnson manoeuvred Javid out of office by insisting he should sack all his political advisers. The fact that not one of them came out publicly to condemn Javid’s appalling judgement, demonstrates their incompetence. And they should never have any place in British government again.
Bailey’s multiple failures have been showcased by many prominent financial services figures. Well-respected True and Fair Foundation’s Gina Millar has publicly shamed the FCA and Bailey’s long-standing record of miserable failure.
Miller has quite rightly warned that Bailey’s appointment as governor of the BoE would be a gross betrayal of consumers’ interests. She has eloquently described Bailey’s and the FCA’s catalogue of negligence, incompetence and indifference. She has listed the many failures which have resulted in thousands of British citizens losing their life savings:
- M&G Property Fund £2.5bn +
- Woodford EI Fund £1bn +
- London Capital and Finance £236m +
- Dozens of fraudulent investment bonds
- Dozens of fraudulent investment funds
- Dozens of fraudulent banks
- Thousands of victims who have lost a lifetime’s taxed savings and wasted a life of hard, diligent work.
The finance ministry has apparently argued that Britain needs experienced, credible leadership. And it is right. But Bailey is not credible (except with the scammers) and his experience at the FCA is limited to weakening and discrediting financial regulation.
Ask yourself why FCA staff have problems: they have mental health issues; they are demoralised and resentful of their masters; they defecate on the floor; they vandalise the kitchens.
On top of this, the FCA has been fined by the Pensions Regulator for not following regulations, and have wrongfully published complainants’ data on the FCA website. This extensive list of embarrassing and shameful failures cannot be explained away with a wave of Bailey’s grubby hand. The ethical sector of the financial services industry is paying for all this through FSCS levy hikes and vastly increased PII premiums. And the buck stops with the chancellor, Mr. Sunak.
Campaigner Mark Taber – a professional investor – has successfully shown the FCA that their job can, and should, be done relatively easily. All it takes is the will and incentive to do the work. In a matter of weeks, Taber has identified dozens of mini bond scams which are being openly promoted by Google. And the FCA has done nothing. Admittedly, the FCA might be somewhat rudderless while Bailey measures himself for a new suit and Mont Blanc for his new gig at the BoE, but they’ve shown zero interest in the fact that all it takes is for someone to actually care about financial services and for the public to be warned effectively. And further, for these fraudulent mini bonds to be banned and those responsible for promoting them (including Google) to be sanctioned.
Mark Taber https://www.ft.com/content/83485d90-f832-11e2-92f0-00144feabdc0#axzz2bTtvusN4 is doing the FCA’s work for nothing. Because he believes the public have a right to be protected.
Gina Miller https://en.wikipedia.org/wiki/Gina_Miller#True_and_Fair_Foundation is trying to protect the public from the failures of the FCA and Andrew Bailey.
Look on Twitter and see the cacophany of financial services professionals – some highly respected and high profile – who are embarrassed by and furious at the FCA’s multiple failures. Ask the thousands of victims of financial scams in Britain and beyond. And ask the loved ones of those who have died due to the FCA’s and Andrew Bailey’s multiple failings. Then ask yourself: do you really think Bailey should be the governor of the Bank of England?
This disgusting mess needs to be sorted out once and for all. The British authorities and government have facilitated – and even encouraged – financial crime for more than a decade: openly and brazenly. And you, Mr. Sunak, are now firmly in the hot seat. I do hope you are wearing neoprene y-fronts – because you are going to need them.
For several years, it has been claimed that there is an alliance called Project Bloom – of which the FCA and tPR are supposedly members. But what has this so-called project achieved? Pension and investment scams are flourishing more successfully than ever, and very few of the fraudsters are behind bars. Still the victims of pension liberation scams are the ones facing penalties from HMRC while the scammers luxuriate in their country mansions and Florida holiday homes, sipping champagne and having a good laugh at the ineptitude of the British authorities.
I will be writing to you openly and publicly over the next few weeks to encourage you to do the right thing. If Bailey’s appointment as governor of the Bank of England goes ahead, it will thoroughly discredit Britain and the British government. Your tenure as chancellor will be recorded in history as starting on a shameful note. Boris Johnson will be remembered as the prime minister who disgraced Britain and destroyed the reputation of Britain’s financial services.
Johnson is already on shaky ground as he promised to help and support some of his constituents who had fallen victim to the Ark pension scam (and has subsequently betrayed them by doing nothing to honour his promises). The action you take next will determine whether you are another betrayer of the interests of consumers, or whether you have the balls to be proactive.
Read Henry Tapper’s wonderful blogs:
Talk to some victims who’ve had the courage to take their case to a Spanish criminal court: https://www.thisismoney.co.uk/money/pensions/article-8044237/Victims-rogue-pensions-scandal-fight-courts.html
Talk to Dalriada Trustees who are custodians of more than 30 scam pension schemes (but who don’t think it is their remit to report the perps to the police or initiate private criminal prosecutions). Ask them how many of the schemes promoted and run by Stephen Ward and Peter Moat (since 2011) they now have under their control: https://www.fscs.org.uk/failed-firms/1-stop-fast-pensions/
Go onto the Blackmore Bond and Global Fund Facebook Group and read the anguish of the betrayed lenders/investors: https://www.facebook.com/groups/498072800835888/
But most important of all, go onto the Smith and Williamson website and read about what the FCA can do if it puts its mind to it: https://smithandwilliamson.com/en/services/restructuring-and-recovery-services/park-first/
Having known about the high-profile Store First matter in 2014, the FCA is only now taking regulatory action against Park First more than five years later. The funds of the 6,000 Park First investors have now been used to pay several £ millions in fees to Smith and Williamson and their lawyers Mishcon de Reya and Park First’s lawyers Paul Hastings. And all because five years after the event, the FCA decided Park First was a collective scheme. Five years after 6,000 people have invested in the scheme.
But Park First exists. The car parks exist. And they are making money. The FCA could have gone to the airports where the Park First car parks are operating. Andrew Bailey could have driven his (undoubtedly luxurious) car into the Park First car parks and actually stood on the tarmac and watched the thousands of other car park users doing the same.
Then Bailey could have asked what were the assets of Woodford, M&G Property, LC&F, Blackmore Bond and Blackmore Global Fund. And he could have done the maths. But, of course, he didn’t bother.
Mr. Sunak – you can be a hero or a disgusting disgrace. You choose.
Regards, Angela Brooks – Pension Life