Customers in arrears, elderly people paying for care, small businesses sold interest-rate hedges, scam victims and depositors whose protection was mis-recorded. These are the regulator findings about how HSBC treated ordinary customers.
01
AdmittedA$35m
HSBC Bank Australia admitted it took an average of 144 days to investigate customers’ scam reports. A court called the failures widespread and systemic.
02
Fined£6.28m fine + £185m redress
The FCA found HSBC failed to properly consider people’s circumstances when they missed payments, sometimes taking disproportionate action. It paid £185m redress to 1.5m+ customers.
03
Fined£57.4m
The Prudential Regulation Authority found HSBC failed for years to correctly identify which customer deposits were protected by the FSCS. It was the PRA’s second-largest fine at the time.
04
Redress$5.1bn provisions
HSBC’s own US filing shows it had set aside $5.1bn for mis-sold payment protection insurance by the end of 2016, and had paid out $4.1bn.
05
RedressIn 2012 the FSA found serious failings in how HSBC, Barclays, Lloyds and RBS sold interest-rate hedging products to small and medium-sized businesses. All four agreed to pay redress.
06
Fined£10.5m fine + ≈£29m compensation
HSBC’s NHFA unit advised nearly 2,500 elderly people to put money for their care into investment bonds whose minimum term was often longer than they could expect to live.