The Bank of England’s Prudential Regulation Authority (PRA) penalized two HSBC units 57.4 million pounds (U.S. $73 million) over historic failures in deposit protection identification and notification.
HSBC Bank (HBEU) and HSBC U.K. Bank failed to implement the Depositor Protection Rules (DPR) by improperly identifying deposits eligible for the Financial Services Compensation Scheme (FSCS), the PRA announced in a press release Tuesday.
