FX.co ★ FCA Fines HSBC UK Bank, HSBC Bank And Marks And Spencer Financial Services

The Financial Conduct Authority (FCA) has imposed a fine of £6.2 million on HSBC UK Bank plc, HSBC Bank plc, and Marks and Spencer Financial Services plc. This penalty is due to their inadequate treatment of customers in arrears or experiencing financial difficulties. HSBC agreed to settle the case, qualifying for a 30% reduction in the financial penalty, which otherwise would have amounted to £8.97 million.

Between June 2017 and October 2018, HSBC failed to adequately consider individual circumstances when customers missed payments. These shortcomings were attributed to deficiencies in HSBC's policies and procedures.