The Latest News for HSBC relating to Payment Protection Insurance (PPI), Mis-sold Investments and Interest Rate SWAPs.
HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. Across all brands the bank operates some 1800 sites in the UK.
The UK headquarters of HSBC are at HSBC Tower, 8 Canada Square in the Canary Wharf area of east London. This building is also home to HSBC Group’s headquarters, and houses some 8,000 staff over 42 levels.
News for HSBC
News & Information on HSBC Mis-Selling
Investment Mis-Selling – HSBC Opens Compensation for NHFA Investments
The bank already faces a £40m bill, to pay a fine plus compensation for NHFA’s mis-selling of investment bonds designed to cover care home fees. Now the bank has said it will consider complaints from before when it took over NHFA in 2005. Claims will be accepted from elderly customers or their families.
Investment Mis-Selling – FSA Fines HSBC for Mis-Selling Investments to the Elderly
The FSA has fined HSBC £ 10.5 m for inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA), to elderly customers. It is the biggest ever retail fine issued by the regulator and HSBC assesses that the amount of settlement to be paid to NHFA customers will be around £ 29.3 m.
Between 2005 and 2010, NHFA advised 2,485 clients to invest in asset-backed investment products, typically investment bonds, to fund long-term care fees for elderly customers
Banks to pay £400m in fees to ombudsman over PPI complaints
The four major UK banking groups – Barclays, HSBC, Lloyds and RBS – are anticipated to pay over £370 million in fees to the FOS for PPI complaints received since 2011. While data is not available for complaints received against individual banks from 2009, the industry as a whole is also expected to have incurred charges of around £92 million for PPI handling between 2009 and 2011.
Swap Claim Compensation To Begin
Thousands of victims of interest rate swap mis-selling from some of Britain’s largest banking groups could start receiving compensation within weeks, as a trial of the FSA’s redress plan is expected to be run out on an initial batch of victims.
Barclay’s is one of several banks in the UK, including Lloyd’s Banking Group, Royal Bank of Scotland, HSBC and a number of smaller banks, who have agreed to send case studies to independent auditors to be reviewed after allegations surfaced of mis-selling of banking products by the financial services companies.
HSBC investigated over potential Investment Mis-selling
HSBC has set aside £93 million after a shopping excercise conducted by the Financial Conduct Authority (FCA) revealed the potential mis-selling of investments to customers.
The Mystery shopper experince by the FCA in a Local HSBC branch has resulted in the HSBC investigating an astonishing 200,000 investments that were sold in Branch to customers. These investment need to be investigated for mis-selling says the FCA.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
Latest posts by Tim Capper (see all)
- PPI Claims Currently Show No Sign of Slowing Down - December 10, 2014
- Swaps (IRHP) Determining the Level of Redress - November 3, 2014
- FCA updates PPI redress for 2.5 million old PPI complaints - October 27, 2014