A HEREFORDSHIRE couple are fighting a David and Goliath battle against a financial regulator, after they said they were forced to sell their business.

Alistair and Terry Hinton have set up a petition to encourage the Government to remove the statutory immunity it gives to the Financial Conduct Authority (FCA) so it is not liable for damages.

The move comes after they said they were wrongly listed as directors of a censured firm, Berkeley Independent Advisers Limited, by FCA's predecessors, FSA in 2008.

Mr Hinton said this led to a loss of business for their financial advice firm, Hinton Associates, and they were eventually forced to sell after business dwindled.

They have since sought to sue the FCA for the error but were surprised to learn the Government has granted them immunity.

Mr Hinton, who lives in Eaton Bishop, said: "It is able to get away with this without fear or favour only because government protects it from being sued; this smacks of endorsing – or, at the very least, turning a blind eye to – FSA/FCA acting autonomously and in possible disregard of the law."

Mr Hinton said the error led to a lack of new clients who thought they were directors to the failed firm- rather than simply appointed representatives.

He said it has taken away their retirement and "completely ruined everything."

Mr Hinton said: "The Government has declined to explain not only the reason for its granting of immunity to FSA/FCA but why it has selected FSA/FCA, Bank of England and a handful of other institutions for this privilege but not other major ones – for example, it is possible to sue the police, BBC, other regulators, the Serious Fraud Office and the nation’s largest employer, NHS for damages but not FSA/FCA et al."

Mr Hinton said the FCA has said despite the information being misleading, is was legally and factually correct.

MP for Hereford and South Herefordshire, Jesse Norman has added his support to the couple but Mr Hinton said: "He is not Parliament. He is a member of Parliament. He can't change the law all on his own."

A HM Treasury spokesman said it cannot comment on individual cases but added: “The Government created the Financial Conduct Authority and gave it strong powers to ensure customers of financial services are treated fairly and abuse is tackled wherever it occurs.

"Like several regulators, the FCA has statutory immunity to ensure it can carry out its work effectively.”

A spokesman for the FCA said they are unable to comment on individual cases.

To view the petition go to https://you.38degrees.org.uk/petitions/equal-under-the-law