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HSBC Whistleblower: The Biggest Bank Fraud in British History Carried Out on UK Shoppers and Covered Up

Published: November 30, 2015
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Source: Real Media

“In my position, as you can imagine, I’ve got a few enemies.” An anonymous tip off has contacted the DWP to suggest that Nicholas Wilson is frauding the benefits office. “They sent a letter calling me in for a compliance interview.”

The irony is that Nicholas Wilson is a whistleblower, who has been trying to expose what would be the largest bank fraud in the history of the UK, totalling over £1bn. This is made up of illegal charges imposed by HFC Bank – previously a subsidiary of HSBC, onto unsuspecting UK customer debts on high street store cards.

“Everything I do on my campaign with HSBC, it’s all about fraud and corruption and underhand dealings. I do everything up front and transparent and that’s how I have to be. I haven’t got anything up my sleeve.”

Nicholas Wilson

Nicholas Wilson


Wilson was head of debt recovery for Weightmans LLP – a national solicitors firm which acted for John Lewis – for over 25 years. However, in 2003 when John Lewis sold their accounts to HFC Bank, Wilson noticed they immediately began adding “collection charges” of 16.4% to customer store cards in arrears. These charges were illegal.

Wilson spoke up, complaining to staff and colleagues and refusing to work on the HFC account. The charges were being applied to customers already in debt and hardship; a fraud by the second biggest bank on the some of the nation’s poorest, and yet for standing against this, Wilson’s boss dubbed him ‘Mr Ethical.’

By 2006, Wilson was finding the toll of his work unbearable and by now the fraud was being carried out on thousands of people. He reported it to the Law Society (Solicitors Regulation Authority) and was immediately sacked by Weightmans.


“I’ve been campaigning ever since. The SRA upheld my complaint, they said it was unlawful but they didn’t take any action and said it only happened in a small number of cases.”

The charges were overseen by 2 solicitor firms – Weightmans and Restons.

“I’ve calculated that in the year of my complaint, 2006, 2 firms between them added £44m of illegal charges in that one year. So, a small number of cases?”

When leaving Weightmans, Wilson helped some customers get their money back, but while the SRA upheld his complaint, he found HFC continued adding the illegal charges to customer cards. He now estimates the fraud to have affected between 500,000 – 600,000 UK customers with charges ranging from £500-£5000.

“The silence of the mainstream media is driving me insane actually. It really is.” Wilson relays the numerous times he has been contacted and worked with news stations, sometimes for months at a time, before the story is pulled at the last minute.

“I get spiked all the time. I get so close and then things are pulled at the last minute… the crux of the problem with me is that if this gets out it will be such a massive scandal. It’s about a billion pound fraud and it involves Dixons, Currys, PC World, B&Q, John Lewis  – all these high street stores, and potentially HSBC could lose it’s licence in America.”

Wilson points to HSBC’s advertising and funding power as a reason for the silence of media.

Earlier this year, veteran journalist Peter Oborne publicly resigned from the Telegraph precisely because the advertising power of the bank was blocking critical reporting about them, particularly during the Swiss tax evasion leaks.

At the BBC, the appointment of Rona Fairhead to the broadcaster’s Trust came as a surprise to even Conservative members in 2014. Fairhead is a Director of HSBC, receiving over £500,000 in annual pay, as well as shares in the bank worth almost the same.

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