The Petition of sundry former employees of Spread Co Limited,
Declares that although Spread Co Limited (based in Northwood Hills) has a heavy online presence it is actually a small company with fewer than 50 members of staff occupying a few rooms above an inexpensive row of shops; further that Spread Co Limited has made losses for most of its history; further that despite its small workforce Spread Co Limited has attracted numerous staff complaints and civil claims; further that Spread Co has been making redundancies and has been cost-cutting since 2012; further that an Employment Tribunal this year found that the CEO of Spread Co Limited, Ajay Pabari, had treated a manager, Richard Pashley, unlawfully as well as treating a female member of staff unlawfully (although the female member of staff did not win her constructive dismissal claim as she had resigned prematurely against legal advice) and that other members of staff had compromised claims successfully; further that there have been repeated and multiple claims that Spread Co Limited has been involved in questionable financial practices and employment blacklisting; further that there have been repeated complaints about Ajay Pabari, Matt Funnell (the Head of IT) and Richard Pashley; and further that the Petitioners believe it appropriate to warn investors and customers of the substantial risk to their money.
The Petitioners therefore request that the House of Commons urges the Financial Conduct Authority and the Data Protection Commissioner to investigate Spread Co Limited, Ajay Pabari, Richard Pashley and Matt Funnel in relation to the numerous staff complaints that Spread Co has attracted, the claims that Spread Co Limited has been involved in questionable financial practices and employment blacklisting and the complaints against the individuals mentioned.
And the Petitioners remain, etc.—[Presented by John Hemming, Official Report, 15 December 2014; Vol. 589, c. 5P.]
Observations from the Chancellor of the Exchequer:
The Government thank the hon. Member for Birmingham Yardley (John Hemming) for his petition on behalf of former employees of Spread Co Limited.
The Government and all UK authorities take allegations of misconduct in financial services firms very seriously.
The Financial Conduct Authority is an independent regulator with responsibility for investigating possible contraventions of financial services law and regulatory requirements. The Information Commissioner is an independent regulator with responsibility for investigating possible contraventions of data protection law. It would not be appropriate for the Government to seek to intervene in the day-to-day operation of independent regulators or to comment on an individual case.
Anyone who has specific allegations about misconduct should pass the evidence that they have to the relevant regulator or other appropriate authorities.