- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
2025-07-02T18:31:00Z By Aaron Nicodemus
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
2025-07-01T23:26:00Z By Oscar Gonzalez
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
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