HSBC fined £10.5m over mis-selling
Banking giant HSBC is set to pay out £40m in fines and compensation after one of its subsidiaries sold savings products to elderly customers who were likely to die before the recommended investment period was up, the UK's regulator said today.
The UK Financial Services Authority (FSA) has issued its biggest ever retail fine of £10.5m to HSBC after NHFA “inappropriately” advised 2,485 customers to invest in “unsuitable” investment bonds between 2005 and 2010. The FSA estimates NHFA customers will be paid a total of £29.5m in compensation.
