“Real money. Real lives. Real fraud. It’s time the truth came out.”
On the heels of historic Supreme Court victories and a deepening crisis of public trust in UK financial regulators, the Transparency Task Force (TTF) convened a powerful exposé led by founder Andy Agathangelou and whistleblower Paul Carlier. What unfolded was a raw, forensic unmasking of the car finance mis-selling scandal — and a damning critique of the Financial Ombudsman Service (FOS) and the FCA’s systemic failure to protect consumers.
đźš— The Car Finance Scandal: Part Two
Carlier’s presentation, dubbed “Part Two: The Car Finance Scandal – Complete ExposĂ©”, traced a 12-year battle against injustice, beginning with the discovery that APRs offered by dealers were deliberately inflated. Dealers were incentivised by lenders like Black Horse to apply the highest possible interest rates within wide discretionary bands (as high as 14.9%) — a model that blatantly violated both the Consumer Credit Act and the landmark Plevin vs Paragon ruling.
Despite whistleblower disclosures, FCA authorisation credentials, and hard evidence including recorded calls, Paul’s concerns were repeatedly ignored, buried, or lied about — not just by lenders, but by the Ombudsman service and FCA alike.
“This isn’t just about numbers. It’s about people being systematically fleeced on finance that dictates their daily lives.” – Andy Agathangelou
🧑‍⚖️ Systemic Regulatory Failure
The presentation revealed a disturbing pattern:
- FCA dishonesty: A “dishonestly limited” 2019 Final Notice excluded key firms and practices, despite the regulator already holding damning evidence.
- FOS collusion: Internal emails and whistleblower reports uncovered that senior FOS managers directly interfered in adjudicator decisions — overturning upheld complaints without merit or process.
- Class action suppression: Paul’s evidence formed the backbone of a £1bn class action suit. The FCA and FOS appeared to act swiftly to undercut it by announcing a sham redress scheme — not to right wrongs, but to neutralise legal threats.
🏛️ Holding Power to Account
The backdrop to this scandal includes the recent Mansion House Reforms, described by TTF as “the most significant rollback of consumer protection since the global financial crisis.” These deregulatory moves, pushed through with little parliamentary scrutiny, pivot the FCA’s mission from consumer safeguarding to economic growth — at consumers’ expense.
TTF has submitted a detailed letter to the Treasury Select Committee, calling for a formal inquiry into the FCA’s and FOS’s handling of the car finance scandal and wider regulatory integrity.
“The question now is whether Parliament will do what the regulators have failed to — and hold the perpetrators to account.”
🔥 A Parallel Victory: Hayes and Palombo
In a parallel and profoundly symbolic moment, the Supreme Court quashed the convictions of Tom Hayes and Carlo Palombo in the LIBOR manipulation case. Their decade-long pursuit of justice — itself a case study in regulatory scapegoating and institutional cover-up — mirrors Carlier’s story, underscoring the depth of systemic failure across financial governance.
As Andy said, “This was the biggest David vs Goliath battle we’ve seen in the history of TTF. And we are just getting started.”
⚖️ What Comes Next?
TTF is mobilising stakeholders, journalists, lawyers, and whistleblowers to amplify the truth. If Parliament won’t listen, the people must. The public deserves transparency, redress, and reform. The financial elite and their protectors cannot continue to act with impunity.
Join the movement. Help us expose the truth. Demand justice.
🎥 Watch the full exposé replay on our YouTube channel
To support or refer someone to Get SAFE, visit the Academy website.
Together, we can turn victims into victors and restore what was taken—one life at a time.
About Get SAFE
Get SAFE (Support After Financial Exploitation) was born from a simple truth: too many victims of financial abuse are left to suffer in silence.
We exist for people like Ian—for the ones who did everything right, only to be failed by the systems they trusted. We know that behind every vanished pension, every ignored complaint, and every stonewalled letter is a person—frightened, exhausted, and too often alone.
Get SAFE offers more than sympathy. We offer structure, support, and solidarity.
We provide a voice where there’s been silence, and clarity where there’s been confusion.
We stand beside those who have been exploited, not just to help them recover—but to help them reclaim their story and rebuild their future.
Because financial justice is not a luxury.
It’s a human right.
If you or someone you know has been affected by financial exploitation, we are here.
You are not alone.
Learn more at: Get SAFE (Support After Financial Exploitation).
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