HSBC has been fined more than £57m for failing to protect consumer deposits.
The fine has been levied by the the Bank of England’s Prudential Regulation Authority for failing to protect consumer deposits from 2015 to 2022.
It’s the second highest fine ever applied by the regulator, reflecting the seriousness of the breaches, it said.
Under post-financial crash rules, deposits of up to £80,000 are safe in the event of a bank’s collapse under the financial services compensation scheme (FSCS).
But the lender incorrectly marked 99% of eligible deposits as “ineligible” for FSCS protection, the watchdog said.
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