HSBC fined £57.4m by Bank of England for mislabeling 99% of eligible UK deposits as ineligible for protection.

The Bank of England has fined HSBC £57.4 million for failing to properly put in place safety measures to protect customer deposits. The bank violated rules designed to ensure regulators have the necessary information to protect depositors when banks fail. The penalty is due to "serious" deposit protection failings between 2015 and 2022, including the incorrect marking of 99% of eligible deposits as ineligible for protection under a UK program that guarantees bank deposits up to £85,000 for individuals. HSBC cooperated with the investigation, leading to a reduction in the original fine.

January 30, 2024
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