By Aaron Nicodemus2024-05-23T15:55:00
The U.K. Financial Conduct Authority (FCA) fined HSBC nearly 6.3 million pounds (U.S. $8 million) for failing to properly consider the financial position of customers who missed payments.
HSBC did not conduct affordability assessments on customers who had fallen into arrears on their mortgages, credit cards, and other bank-issued debt, the financial regulator said Thursday in a press release. The FCA added the bank took “disproportionate action” on customers who fell into default in their debt.
“The failings were caused by deficiencies in HSBC’s policies and procedures and the training of their staff, as well as inadequate measures to identify and address instances of unfair customer treatment,” the FCA said.
2024-10-15T19:28:00Z By Adrianne Appel
TSB Bank has been fined 10.9 million pounds (U.S. $14.2 million) for treating retail customers poorly while they were in arrears on mortgages, credit cards, loans, and overdraft accounts, the Financial Conduct Authority said.
2024-08-14T17:44:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
2024-06-04T12:26:00Z By Neil Hodge
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
2025-08-25T20:49:00Z By Adrianne Appel
JPMorgan Chase has agreed to pay $330 million to settle allegations about its role in the massive, decades-long theft of Malaysian’s 1MDB state investment fund, the bank says. An estimated $4.5 billion was robbed from the 1MDB fund, from 2009-2014, in a scheme led by Malaysian financier, Jho Low, former ...
2025-08-25T18:24:00Z By Adrianne Appel
Crypto platform Anchorage Digital has been freed of a consent order originally issued by the Treasury Department for anti-money laundering failures.
2025-08-25T15:51:00Z By Adrianne Appel
The co-founders of a California financial tech and sustainability services company defrauded investors and lenders of $248 million, according to the Department of Justice.
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