Basic Search  |  Summaries  |  Advanced SearchPenalty: £6,280,100
Year: 2024
Date: 31 May, 2024
Offence Group: financial offences
Offence Type: banking violation
Violation Description: The FCA fined HSBC UK Bank plc, HSBC Bank plc and Marks and Spencer Financial Services plc £6,280,100 for failures in its treatment of customers who were in arrears or experiencing financial difficulty in 2017-18. Since 2018 HSBC had invested £94 million in identifying the issues and correcting them, and also issued redress payments totalling £185 million to over 1.5 million customers, and agreed to settle the case with a 30% discount to the financial penalty.
Settlement Type: Settlement with FCA
Agency: Financial Conduct Authority
HQ Country of Parent: United Kingdom
Ownership Structure of Parent: publicly traded
Major Industry of Parent: financial services
Specific Industry of Parent: banking
Source of Data: (click here)