On 23 May 2024 the FCA fined HSBC UK Bank plc, HSBC Bank plc and Marks and Spencer Financial Services plc, which is part of the HSBC group, a total of £6,280,100 for failing customers who were in arrears or financial difficulty between 1 June 2017 and 31 October 2018.
The FCA said: “HSBC failed to properly consider people’s circumstances when they had missed payments.” It added that the bank “sometimes … took disproportionate action when people fell behind with payments”, and said HSBC had put 1.5 million people at risk of greater financial harm.
HSBC paid £185 million in redress to more than 1.5 million customers. The fine would have been £8,971,600 without the settlement discount.
HSBC’s position
HSBC identified the problems in 2018, notified the FCA and paid redress.
The evidence
2 sourcesLast checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.