Finance
HSBC Ordered by UK to Review Data Handling After Years of Lapses
- PRA’s review focused on investment banking, trading divisions
- Regulator first flagged weaknesses in data practices years ago
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UK regulators have ordered HSBC Holdings Plc to review how it collects and monitors the vast reams of data that underpin the firm’s risk management systems within investment banking and trading.
The Bank of England’s Prudential Regulation Authority instructed the bank to commission a section 166 review of its data practices within commercial banking as well as global banking and markets, according to a person familiar with the matter. These reviews force a firm to bring in an outside expert to examine their practices and produce an independent report for the authorities.