IFA Tinsdale Investment Management makes headline news

A Bewdley based Independent Financial Adviser (IFA), Nigel Tinsdale, has picked up the gauntlet in the global fight against financial crime raising a number of issues directly with the Financial Services Authority (FSA), and in the process has caught the attention of the IFA industry’s publication the Financial Adviser, published by the Financial Times.

His recent banking experience formed the basis of the article printed within the FA publication 16th April, which highlighted the shortcomings and potential risks of personal banking security when dealing with financial institutions over the phone and FSA’s apparent inability to take tip-offs seriously.

Mr. Tinsdale, managing director of Tinsdale Investment Management on Load Street, said he was rather surprised by his recent HSBC banking experience, but more so by the apparent lack of response from the regulatory authority for financial services, the FSA.

“After a phone call from someone claiming to be from the HSBC bank, and addressing me as Mr. Nigel,” said Mr. Tinsdale. “I was told that the matter was very important and that they needed to take me through some security questions before they could discuss it. I challenged the caller as he asked for my card number, date of birth etc. but he refused to give me any solid information to back his call up but just kept asking for my personal account details. Of course I refused.

“When I questioned further he wouldn’t tell me what it was about but when I asked the bank to write to me requesting the information he said that it was impossible and instead gave me an 0845 number to call at HSBC.”

Mr. Tinsdale checked the number via the internet and indeed it did look like a scam but he called it anyway and asked to speak to the manager. “It was apparent that it was an overseas call centre,” said Mr. Tinsdale, “And I was eventually told I would be transferred to a very senior supervisor.”

Still unsure, as yet again his personal details and card number were requested, even after Mr. Tinsdale recounted what had happened with the previous HSBC call, Mr. Tinsdale then stated that he wished to make a complaint. “I said that if this was the HSBC I would like to make a complaint as it’s always unwise to answer any questions about personal details over the phone. I was told that they did not take complaints but eventually they provided another number for me to call. Again I checked the number and this time it did prove to be the HSBC complaints department.”

It transpired that all the calls Mr. Tinsdale had received had indeed been from HSBC and that they had all been legitimate. However, as HSBC did not seem to take Mr. Tinsdale’s security concerns seriously, he then contacted the FSA about his experience and the possible security risks posed by this type of call, but to his utter disbelief he was told to take it up with the Ombudsman. Mr Tinsdale pointed out that this was totally pointless as no financial loss had occurred so it was not something they could help with.

“The point I was and I am still trying to make with HSBC, the FSA and in general is that if legitimate companies such as HSBC are conducting themselves in this manor, is it any wonder that the general public finds it near impossible to know which calls are genuine and which calls are not?” said Mr. Tinsdale. “As a professional IFA, my main concerns are that the financial services industry is always being urged to do more to help fight against financial crime and fraud, but in reality it really seems like the FSA and HSBC simply just don’t care.”

After a number of calls and promises by the FSA to ring him back, Mr. Tinsdale was eventually told that it did not fall under the FSA’s remit but that if he was at all concerned that he could always contact the policy department to take it further? HSBC did eventually contact Mr. Tinsdale to confirm they will look in to his complaint, but said Mr. Tinsdale: “I’m not holding my breath!”