Government urged to force action & end ‘the great insolvency scam’
Speaking at an International Tribunal for Natural Justice hearing in Westminster in April 2018, the commissioner said: “I find it quite extraordinary that the chairman of the Financial Conduct Authority was the senior partner of KPMG that did the audits of the HBOS bank.
“They overlooked a million-pound fraud and a multi-billion-pound hole, probably approaching £40billion, in the accounts – and yet the man went on to become chairman of the FCA.”
He told the hearing: “People with small debts were bankrupted then had their assets stolen off them that are worth many times their original debt. And that is divided up between the cronies, in my view, the insolvency practitioners and others, and vast sums of money simply disappears.
