Investors target City regulator over handling of 2008 bank collapse
Campaigners fighting on behalf of almost one million Bradford & Bingley investors have fixed their sights on the City regulator.
The Bradford and Bingley Action Group (BBAG) has lodged a Freedom of Information request with the new Financial Conduct Authority (FCA) to see whether its predecessor – the Financial Services Authority (FSA) – withheld information from shareholders in the lead up to the bank's collapse in 2008.
Bradford & Bingley, best known for its bowler hat logo, was heavily exposed to the troubled buy-to-let mortgage market in the lead-up to the financial crisis. The lender ran into difficulties when funding from the wholesale money markets dried up.
The BBAG has since been fighting for compensation for shareholders who incurred average losses of between £800 and £1,000 each. Many of the investors received shares as part of the bank's demutualisation in 2000. The investor group alleges the officers from the FSA were "reassuring members of the public about the financial viability of the company" in the week leading to its nationalisation, a decision overseen by former Prime Minister Gordon Brown and his Chancellor, Alistair Darling. By doing so, they claim shareholders were misled about the bank's true financial health.
An FCA spokesman said: "The FCA is unable to comment as it has only recently received a request, which it is considering."
The BBAG is also fighting with the Information Commissioner's Office for access to official documents. A decision on this is expected soon.
- 1 Half of young women unable to ‘locate vagina’ and 65% find it difficult to say the word
- 2 Emma Watson on Jennifer Lawrence naked photo leak: 'Even worse than seeing women's privacy violated is reading the comments'
- 3 Saudis risk new Muslim division with proposal to move Mohamed’s tomb
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Perez Hilton apologises for publishing Jennifer Lawrence naked 4Chan photos
Jennifer Lawrence 'nude photo hacker' claims there are hundreds more celebrity images to come
Victoria Justice on naked photo leak: 'Let me nip this in the bud right now – pun intended'
Ariana Grande nude photos leak: Pictures are completely fake, say representatives
Saudis risk new Muslim division with proposal to move Mohamed’s tomb
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Ashya King: Parents of five-year-old boy refused permission to visit him in hospital and denied bail at Spanish court
With Douglas Carswell joining Ukip, my party has taken another giant step forward
When elitism grips the top of British society to this extent, there is only one answer: abolish private schools
Ashya King: 'Cruel NHS has not given us the treatment we need', says father of five-year-old with brain tumour who fled to Spain
iJobs Money & Business
£35000 - £38000 per annum + benefits: Ashdown Group: Executive Assistant/Event...
£30000 - £32000 per annum: Ashdown Group: HR Generalist (standalone) - Tunbrid...
£600 - £800 per day: Harrington Starr: Derivatives Risk Commodities Business A...
£600 - £800 per day: Harrington Starr: Power & Gas Business Analyst/Subject Ma...