On 30 January 2024 the Prudential Regulation Authority, part of the Bank of England, fined HSBC Bank plc and HSBC UK Bank plc a total of £57,417,500 for failures over many years to comply with the Depositor Protection rules.
The rules exist so that, if a bank fails, the Financial Services Compensation Scheme (FSCS) can quickly repay protected deposits up to the scheme limit. The PRA found HSBC failed to accurately identify which deposits were eligible for FSCS protection and did not give clear senior-management ownership of the processes.
The failings ran from 2015 to 2022 at HSBC Bank plc and from 2018 to 2021 at HSBC UK Bank plc. The proposed fine of £96.5m was reduced to £57.4m. Law firm Slaughter and May noted it was the PRA’s second-highest fine to that date.
The evidence
3 sources- Exhibit AThe UK Prudential Regulation Authority (PRA) fines HSBC £57,417,500 for failures in deposit protectionPRA statement, reproduced by Mondo Visione · 30 January 2024 · mondovisione.comOfficial record
- Exhibit BHSBC fined for historic depositor protection failings — lessons for banksSlaughter and May · February 2024 · slaughterandmay.com
- Exhibit CHSBC hit with £57.4m fine for depositor protection failuresPayment Expert · 31 January 2024 · paymentexpert.com
Last checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.