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HSBC faced a substantial fine of 57.4 million pounds for "serious failings" in protecting up to 112 billion pounds ($142 billion) of deposits over several years, according to a Reuters report.
The Bank of England's Prudential Regulation Authority (PRA) highlighted that HSBC failed to accurately identify deposits eligible for Britain's Financial Services Compensation Scheme (FSCS). I Photo: Can Pac Swire Flickr
The fine marked the first penalty of its kind under UK rules designed to protect customers in the event of bank failures.
The Bank of England's Prudential Regulation Authority (PRA) highlighted that HSBC failed to accurately identify deposits eligible for Britain's Financial Services Compensation Scheme (FSCS), which safeguards customer cash up to 85,000 pounds.
The fine reflects the severity of the lapses in compliance and underscores the importance of banks adhering to regulatory requirements for the safety and soundness of the financial system.
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