HSBC fined £57.4m over depositor protection failures

Second largest fine imposed by PRA

Cristian Angeloni
clock • 2 min read

The Prudential Regulation Authority has handed a £57.4m fine to HSBC Bank and HSBC UK Bank over historic depositor protection failings.

Both firms failed to properly implement the Depositor Protection Rules (DPR) requirements, including the failure to accurately identify deposits that were eligible for Financial Services Compensation Scheme (FSCS) protection. According to the PRA, the failings occurred between 2015 and 2022 for HSBC Bank, and between 2018 and 2021 for HSBC UK Bank. The £57.4m penalty is the second largest ever imposed by the regulator, it added. Under the DPR, firms are required to put in place adequate systems, controls and governance to "ensure the integrity of critical information which the FSCS re...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Companies

Update: Woodford scheme of arrangement sanctioned by High Court

Update: Woodford scheme of arrangement sanctioned by High Court

Appeal process open until 23 February

James Baxter-Derrington
clock 09 February 2024 • 3 min read
Hiro Metaverse Acquisitions SPAC delists following failure to identify merger target

Hiro Metaverse Acquisitions SPAC delists following failure to identify merger target

London Stock Exchange

Cristian Angeloni
clock 08 February 2024 • 1 min read
Amundi nets €26bn inflows in 2023 as profits jump 3.9%

Amundi nets €26bn inflows in 2023 as profits jump 3.9%

Net inflows of €19.5bn in Q4

Valeria Martinez
clock 07 February 2024 • 2 min read
Trustpilot