HSBC fined £57m over ‘serious’ deposit protection failings
by Julia Kollewe from World news | The Guardian on (#6J7Z3)
Regulator says bank failed to properly implement Financial Services Compensation Scheme
HSBC has been fined 57m by the Bank of England's financial stability arm for failing to protect customer deposits in the event of a banking collapse.
It is the second-highest fine imposed by the Bank's Prudential Regulation Authority (PRA) and reflects the seriousness of the failings, the watchdog said. The highest fine was 87m, imposed on Credit Suisse last July.
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