“What’s the point of having a regulator if they refuse to regulate?”
That question is at the heart of growing public frustration with the UK’s system of oversight—one that promises protection but often delivers silence. The recent scandal involving the Information Commissioner’s Office (ICO), Bank of America, and insider fraudster Rajesh Ghedia offers a disturbing case study of regulatory failure—and its devastating consequences.
The Case in Brief
From 2018 to 2020, Rajesh Ghedia operated an illegal investment scam from inside Bank of America’s London office. He used his official corporate email, conducted meetings on-site, and presented schemes as “BofA-backed,” exploiting the credibility of one of the world’s most trusted financial institutions. By the time he was reported by a victim and finally dismissed, untold damage had already been done—financially and emotionally—to innocent people.
Ghedia was jailed in 2022. But the question lingers: how did this happen under the noses of both the Bank and its regulators? And worse—why have those charged with enforcement chosen to do nothing?
ICO: A Watchdog in Name Only?
The ICO exists to uphold the UK’s data protection laws—principally the GDPR and the Data Protection Act 2018. It has sweeping powers, including the authority to impose fines of up to 4% of a company’s global revenue. In Bank of America’s case, that could exceed $4 billion. But despite the facts being clear and the implications grave, the ICO declined to act—passing the buck to the City of London Police.
The police, in turn, claimed it was the ICO’s job to investigate breaches of data protection. In effect, both parties pointed fingers at each other, and nothing was done.
This bureaucratic game of regulatory hot potato isn’t just negligence—it’s complicity.
Regulatory Paralysis = Public Harm
The failure of the ICO in this instance is not just a matter of paperwork or internal confusion. It is a dereliction of duty with real human consequences:
- Victims lost their life savings to a scam that should never have been allowed to operate.
- A major institution remained unaccountable for glaring internal control failures.
- A regulator, with all the legal authority necessary, walked away.
If this isn’t a moment for intervention—when is?
A Crisis of Accountability
The leadership at the ICO—namely Nicola Wood MBE and Paul Arnold MBE—are being called out by campaigners for presiding over an organisation that has demonstrably failed its mission. Calls have even been made to strip them of their honours due to the magnitude of their inaction.
This may seem dramatic. But consider what’s at stake: data misuse isn’t a technical inconvenience—it is a human rights issue. Breaches have been linked not only to fraud but to emotional trauma, bankruptcy, homelessness, and suicide.
The System Is Broken—And It’s Costing Lives
The public expects regulators to step in before damage is done—not wait until the courts step in years later. Yet we now have a growing list of cases—from pensions to fintech, from banking to healthcare—where the regulators are asleep at the wheel or deliberately avoiding confrontation.
This is not an accident. It’s systemic. The revolving door between regulators and industry, the reluctance to challenge powerful institutions, and the lack of political will have hollowed out our public protection bodies.
So, What’s the Point?
If the ICO won’t act on one of the clearest, most egregious breaches of data responsibility in recent memory, what is the point of having the ICO at all?
We don’t need ceremonial figureheads. We need regulators who regulate. Enforcers who enforce. And public servants who serve the public.
Until that happens, expect more scandals. More victims. And more headlines like this one—asking the question no one in power seems willing to answer.
🗣️ If you or someone you know has been impacted by regulatory failures, speak up. Share your story. Change won’t come from the top—it begins with us.
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