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Bad HSBC

UK advertising watchdog bans HSBC climate adverts as misleading

The Advertising Standards Authority ruled that HSBC posters about its climate finance left out material information about the bank’s continued financing of fossil fuels.

Banned

In October 2022 the ASA ruled against two HSBC poster adverts that had appeared at bus stops in London and Bristol in October 2021.

The ASA found the ads gave consumers the misleading impression that HSBC was making, or intended to make, a positive overall environmental impact. They omitted material information about the bank’s own contribution to carbon emissions, including its financing of fossil-fuel projects.

The ASA ruled the ads must not appear again in that form. It was reported as the first time the watchdog had acted against a bank for greenwashing.

The evidence

3 sources
  1. Exhibit AASA bans HSBC advert for greenwashingCorporate Adviser · 19 October 2022 · corporate-adviser.com
  2. Exhibit BHSBC "green" ads banned for omitting data about bank’s emissionsMorningstar UK · 19 October 2022 · morningstar.co.uk
  3. Exhibit CHSBC slapped for running ads saying it’s green when it’s notFortune · 19 October 2022 · fortune.com

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Settled

$765m

$765m US penalty over pre-crisis mortgage-backed securities

The US government alleged HSBC misrepresented the quality of residential mortgage-backed securities it sold from 2005 to 2007. HSBC paid a $765m civil penalty.

United States/Compliance, disclosure & misleading claims