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.
2025-08-08T21:06:00Z By Adrianne Appel
Two major health insurance brokers will pay a combined $145 million to resolve Federal Trade Commission allegations that they misled millions of consumers and mishandled personal data, the agency announced Thursday.
2025-08-07T19:38:00Z By Adrianne Appel
The owners of cryptocurrency mixing service Samourai Wallet pleaded guilty to transmitting more than $200 million in criminal transactions, according to the Department of Justice.
2025-08-07T15:59:00Z By Ruth Prickett
Late payers will soon face much larger fines in the U.K. in what is promised to be the “toughest crackdown on late payments in a generation.” The scheme is intended to save the 38 businesses a day that go bust because of poor payment practices.
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