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.
2025-07-15T20:11:00Z By Oscar Gonzalez
The U.S. Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) reportedly ended two investigations into Polymarket, a popular online crypto betting service that calls itself a “prediction market.” The move continues the Trump administration’s pro-crypt agenda.
2025-07-14T20:27:00Z By Oscar Gonzalez
The U.S. Federal Trade Commission said it has settled with telemedicine service Southern Health Solutions, Inc. over allegations the company used deceptive pricing and weight-loss claims, along with fake reviews and testimonials, to sell its weight-loss programs.
2025-07-14T15:36:00Z By Ruth Prickett
Serious bullying and harassment count as misconduct in regulated financial services firms, per a July 1 clarification by the U.K. Financial Conduct Authority, which said non-financial misconduct rules now applied only to banks will extend to 37,000 more firms starting September 1, 2026.
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