HSBC - HSBC Hit With £57.4M Penalty For Deposit Protection Breaches | Benzinga
HSBC Holdings PLC (NYSE:HSBC) is slammed with a fine of £57.4 million ($73 million) by the Bank of England’s Prudential Regulation Authority (PRA).
HSBC has been fined for historic depositor protection failings arising from the bank’s failures over several years to properly implement the requirements set out in the Depositor Protection Rules.
As per PRA, the failings occurred between 2015 and 2022 at HSBC Bank and between 2018 and 2021 at HSBC UK Bank plc, which is the second largest fine ever imposed by the PRA.
In particular, HSBC has failed to accurately ...