Finance
HSBC Fined £57 Million by UK Watchdog for Mismarked Deposits
- Bank wrongly identified deposits eligible for protection: PRA
- Penalty is second highest for Prudential Regulatory Authority
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HSBC Holdings Plc was fined £57.4 million ($73 million) by the UK for incorrectly excluding billions of pounds of its customers’ money from a depositor protection program.
Imposing the penalty, the Prudential Regulation Authority said Tuesday that the lender failed to properly comply with deposit protection rules under the Financial Services Compensation Scheme over many years. The fine, PRA’s second highest, “reflects the seriousness of the failings” that occurred between 2015 and 2022, according to a statement from the arm of the Bank of England.