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.
2025-08-05T16:23:00Z By Adrianne Appel
The Securities and Exchange Commission and Department of Justice ended a seven-year review of GE HealthCare Technologies’ China unit for possible violations of the Foreign Corrupt Practices Act.
2025-08-04T18:13:00Z By Adrianne Appel
The U.S. Department of Justice says the chief executive and medical director of Fast Lab Technologies allegedly engaged in a $500 million fraud scheme involving COVID-19 tests.
2025-07-31T18:47:00Z By Adrianne Appel
More than 50 people and 50 ships connected to a top Iranian official were added to the U.S. Treasury’s sanctions list on Wednesday, according to the Office of Foreign Assets Control.
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