MPs helping victims of north-east conman Alistair Greig are hatching a plan to force regulators before a Westminster committee.
Greig defrauded 184 people from the north of Scotland out of a total of £13m and the Financial Services Authority missed three chances to stop him early.
A watchdog ordered the FSA’s successor body, the Financial Conduct Authority, to apologise to the victims in writing, but the FCA won’t compensate them,
The victims have got £85,000 each back from another body – but many are still far in the red.
The Press and Journal’s Impact team investigations reporter Dale Haslam, who attended a campaign event at the House of Commons last week, says politicians are keeping the fight for justice alive.
Featuring on The Stooshie – The Press and Journal’s politics podcast – Dale says that, though some victims believe the Westminster campaign event was the last chance for compensation, the fighting spirit among MPs is strong.
On this week’s episode, we hear from:
- Shetland and Orkney MP Alistair Carmichael, who organised the event and has been helping Alistair Greig’s victims for eight years
- Colin Stewart, whose own parents were conned out of £363,000, and who set up a campaign group to fight the FCA
- Gordon MP Richard Thomson, who spoke about what should happen and what might happen next.
During the event, Mr Thomson and Mr Carmichael were joined by Angus MP David Doogan.
They discussed the possibility of referring the case to a select committee, which would be able to compel a senior FCA representative to come before it to be grilled.
The three MPs also considered discussing the case at other committee hearings, both at Westminster and Holyrood, in the hope of turning the screw on the FCA.
Mr Carmichael vowed to raise the matter the very next day during a Commons discussion on victims’ access to redress.
True to his word, during that debate last Thursday, Mr Carmichael praised the Press and Journal for supporting the victims.
He said: “A journalist, Dale Haslam of Aberdeen’s Evening Express and Press and Journal, who has done tremendous work exposing what went on, pointed out to me last night, that if the FSA had got it right the first time Greig’s wrongdoing was brought to its attention, he would have been stopped after only one victim.
“However, it missed the opportunity not once, not twice, but three times to stop what he was doing. As a consequence, the number of victims ran to hundreds.
“Those who lost out were all small business people who had worked hard, saving £100 here and £1,000 or £1,500 there.
“They put all that money together and trusted it to Alistair Greig, usually on the recommendation of friends, family and others, because that is how business is often done in such communities.”
An FCA spokesperson said an independent commissioner has determined it would not be appropriate for it to pay compensation.
The spokesman added: “We understand the distress suffered by those caught up in the fraudulent actions of Alistair Greig.
“We appreciate that this may be frustrating for investors.
“We take our accountability to Parliament seriously but in this instance we have clearly set out our final position.”
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