- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-01-31T21:15:00
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.
The firms received a 30 percent discount for cooperation throughout the investigation, including early admission and for agreeing to resolve the matter, the PRA noted. The penalty represents the second largest fine imposed by the British banking regulator.
2023-10-10T16:45:00Z By Jeff Dale
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
2022-12-20T21:21:00Z By Neil Hodge
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
2021-12-17T19:44:00Z By Neil Hodge
The U.K. Financial Conduct Authority fined HSBC Bank £63,946,800 (U.S. $84.3 million) for failings in its anti-money laundering processes over an eight-year period.
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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