Category Archives: whistleblowers UK

Did the Bank Wreck My Business? Yes – so what happens now?

Did the Bank Wreck My Business? Yes – so what happens now?

I’m pretty sure the ratings for the excellent Panorama programme, ‘Did The Bank Wreck My Business’, were very high last Monday. Certainly most people I know watched it – but then many of them have direct experience of banking abuse at the hands of RBS or Lloyds – so they would. In fact most of them were interviewed by Andy Verity and Jon Coffey although their stories weren’t used in the programme. Some would say (and I would agree) there are many more horrific stories out there that the production team could have used – but it’s not a competition. Every business annihilated by bank misconduct (known to many as fraud), is a tragedy. And, given the Beeb’s generally conservative, establishment stance, I think it’s nothing short of a miracle this programme was as frank and exposing as it was.

As always, when programmes like this are on, I took some notes. I do it mostly to collect quotes for my book (nothing quite like “from the horses mouth”quotes to make points) but I also do it because I’m so staggered at what some people in the banking world say, it has to be captured in black and white for posterity. One day future generations will surely look back and ask “how the hell (being polite there) did a democratic country let that happen?”

I know the transcript of the programme will be available soon (or I hope it will) but here’s some of my favourite quotes from last night:

Jon Pain (RBS) “The whole purpose of GRG is to help customers return to financial health…..”

Vince Cable (BIS) “Well of course I’m very alarmed because good companies appear to have been put at risk or in some cases destroyed by banks behaviour…..”

Stephen Pegge (Lloyds) “our goal is to support businesses (you know) small and medium sized businesses are really important to us….”

Jon Pain (RBS) “(But) I would in no shape or form condone any inappropriate behaviour by anybody acting on behalf of RBS – that’s not part of our agenda in supporting customers.”

Christ Sullivan (RBS) to Andrew Tyrie re GRG “It is absolutely not a profit centre!”

Ross Finch (Lloyds victims) re his meeting with an exec of Cerberus who Lloyds sold his loan to “When I expressed disbelief about their behaviour, um, he said, “what you’ve got to understand is I am a prick” – which I couldn’t believe he would say such a thing!”

I’ve just pulled out those quotes because they are either so absurd or so shocking– and they’ve been broadcast on the BBC, the bastion of British correctness. If even the Beeb is exposing RBS and Lloyds as a bunch of crooks, what can we say? Nine years on from the so called Credit Crunch and where are we? I would say, if anything, we’re walking backwards. As one of the founder members of SME Alliance and a member of Whistleblowers UK ( Paul and I blew the whistle on HBOS Reading – the HBOS equivalent of GRG), I hear horror stories about banks v SMEs every single day. But the exposure of banking atrocities is no longer limited to what banks like to portray as ‘the niche market of poorly performing SMEs’. Everyone knows how bad some of our banks are and Andy Verity’s programme should be one of the final nails in the coffin of bad banking.

But will it be? Big question:

Vince Cable, Andrew Tyrie, the Treasury Select Committee, the FCA, the PRA, Mark Carney, David Cameron, Ed Miliband, Nick Clegg – did you watch “Did The Bank Wreck My Business’? And if you did – what are you going to do about it? They certainly didn’t wreck your businesses so I understand that maybe you don’t understand the consequences of what banks do. However, I do and so do thousands of SME owners, employee’s, shareholders and creditors. We live with the consequences.

I also know Andy Verity and Jon Coffey have done extensive research to make this programme and could have used any number of totally outrageous cases because they interviewed loads of SME owners (or ex SME owners) – and I know some of those stories may have been a step too far for the Beeb. In my own case sub judice was a big problem. But I know they made the programme in the spirit of stopping banks abusing SMEs. So has it worked? Has it helped? Will anything change?

Well the Panorama team have done their bit. David, Ed, Nick, Andrew, Mark – over to you. You are the people who can make the banks behave – or at least you should be. If the reality is you’re not – then wow, we have a serious problem in our democracy.

Best quote of the programme, without doubt, has to be Austin Mitchell MP, talking in Parliament about the Keith Ross case and saying it how it really is:

“What I want to do today is tell the story of the theft of a profitable Yorkshire company and I don’t mean the criminal Mafia we often speak of I mean Britain’s dark suited Mafia which in this case is represented by Lloyd Bank and Price Waterhouse Cooper both acting in collusion….”

Here’s the link from Hansard to Keith Elliot’s case: http://www.theyworkforyou.com/whall/?id=2013-11-12a.212.0

Of course, living in Italy for nearly 20 years, Austin’s comments would strike a chord with me. Well said Austin – there’s not many MP’s who would draw Parliament’s attention to the similarities between the banks and the Mafia but I would just put you straight on one thing – our dark suited Mafiosi are, in many cases, criminal.

I’m posting this on my own blog site because this is my own view – but I believe many people in SME Alliance will appreciate this view and I have to give us a plug because the conduct exposed in the programme is one of the reasons SME Alliance was formed.

#SME Alliance – giving SMEs a voice. #nooneisabovethelaw

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WBUK at the Cambridge Symposium on Economic Crime.

Last Saturday I had a very interesting time at the Cambridge Symposium on Economic Crime. I was there with other members of a whistle blowers organisation and several of us gave a ten minute speech on our personal whistle blowing experiences in relation to economic crime. I must admit I did feel slightly disadvantaged because the economic crime I know most about (HBOS Reading) is the one thing I couldn’t mention because it’s subject to sub judice until the end of the criminal trials.

I must also admit that while my colleagues were either very eloquent and experienced at giving speeches or had taken the time to write and rehearse their speeches, I kind of hoofed it because the last few weeks have been quite hectic and I could do with 28 hours in every day. So I was very nervous. But I also felt very privileged because the whistle blowers involved with WBUK  are a pretty impressive bunch and some of them are very well known for their extraordinarily brave actions exposing corruption across many sectors.  You can check out some of the members on this page: Members testimonials

Anyway I did manage to make a speech. God knows I don’t need much encouragement to start giving my views on malpractice in the financial system and once I got started I could probably have gone on for hours given half a chance (fortunately for the audience I didn’t have that chance).

What really struck me about yesterday was how shocked and how interested the audience was. They really seemed to appreciate the opportunity to hear ordinary people sharing their experiences.  The rooms for both of the WBUK sessions were pretty much packed and the feedback we got from the audience was incredible. In fact the organiser of the Symposium has invited us back next year to do a whole day in a bigger location because everyone was so keen to hear what we all had to say. And everyone was so complimentary!

I should explain why I found that so extraordinary. We, the whistle blowers, are not at all used to compliments. if anything, we’re used to being disliked for what we do – obviously we are disliked by the people we blow the whistle on but in general the authorities are non too keen on us either. For example, one of our members blew the whistle on very serious corruption in the police force – end result? She was kicked out of the police. Another even more tragic case was in the healthcare sector where the inability of the NHS to listen to a whistle blower who is a senior Paediatrician, later allowed the tragic death of baby P to occur (that 10 minute speech was heart breaking). She also lost her job although she fortunately has it back and is well respected for what she did. Or the  case our Chairman, Colonel Ian Foxley, who blew the whistle on irregular payments between EADS and the Saudi Royals. Not a very popular decision in certain circles: see GPT

I could go on as we have collectively blown the whistle on so many totally corrupt and unethical situations. And in general we have managed to highlight very, very serious issues to the public that in many cases have had positive results. But the result for the whistle blowers has generally been very negative. Many of us have had our lives devastated – people don’t want to employ people who might blow the whistle – most of us have lost either our jobs or our businesses – in the majority of cases whistle blowers have to fight for years before anyone will even listen to them and take the issue they are raising seriously – and while the issues whistle blowers raise are crucial to a just and ethical society,  we are often labelled as trouble makers.

But I realised on Saturday, when people have the opportunity to sit down and listen to our stories, they appreciate what we’ve done and are even astounded by what we’ve done. I could see a reaction by many people in our audience of complete bewilderment and incomprehension that it should be so hard to blow the whistle on situations that are blatantly wrong – not just for individuals but for society. I really felt an enormous amount of empathy for what whistle blowers do. And of course while we do meet each other and speak to whistle blowers on the WBUK help line, we rarely get the chance to collectively meet people who are totally unconnected to the world of whistle blowing.

Unfortunately the Government, with their various enquiries and reports don’t seem quite so keen on us and everyone at WBUK has been very disappointed at the Francis Report or the BIS review of existing legal frameworks for whistle blowers and I am already disappointed in advance of the PRA report of what caused HBOS to fail. But Saturday made me think that maybe, if we can keep raising the profile, it will be the public (even bankers, lawyers,  accountants and even senior officials in the healthcare sector) who will help us make whistle blowing a respected and much needed voice in society. Clearly we just need to spread the word about the good whistle blowers do.

To finish, I would just like to reply to a valid point raised by an accountant in the afternoon session who suggested we (society) needs to look at both sides of the coin – i.e. someone might use whistle blowing to make malicious and unfounded allegations against another person. I didn’t get a chance to reply but let me just say – I have been one of the people manning the phones for the helpline for the last couple of months. I have heard some totally appalling stories and I mean truly shocking, from people who feel they have no option but to join the whistle blowing community. I have also heard stories that weren’t really about whistle blowing but were about personal disputes. Still serious issues but not necessarily whistle blowing. It’s not hard to identify real whistle blowers. And when I’m speaking to people on the phone, my own criteria is – is this person telling me something that will be detrimental to lots of other people if it isn’t exposed?

I would say to anyone questioning the integrity of whistle blowers and here’s the crunch – no person in their right mind would chose to be a whistle blower. No one queue’s up for the job and no one really wants the job. It’s not easy and it’s not a nice job. Sometimes it changes the entire direction of your life. It is a fact many whistle blowers need support to deal with the mental stress and anxiety resultant from their decision to try and do the right thing – and that is a support WBUK tries to give. Nervous breakdowns or depression are common complaints with whistle blowers. But all the disadvantages still doesn’t stop some people blowing the whistle on gross injustice or corruption. Thank God.

Anyway, Saturday was a really positive day for all of us and I am really encouraged to believe that by this time next year we will have an even bigger voice and support for WBUK. And we will be closer to removing the stigma of blowing the whistle. Hopefully we’ll be closer to a situation whereby whistle blowers get the kind of protection that will encourage others to come forward and blow the whistle when they see situations that should and must be flagged up for the good of society. And while my personal experience involves the financial sector, hearing the speeches on Saturday, the thought that has remained with me all week is  – at all cost we must avoid a Baby P situation ever happening again. We need whistle blowers.