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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

HSBC fined £57m over ‘serious’ deposit protection failings

HSBC PRA Financial Services Compensation Scheme FSCS
HSBC's building in Canary Wharf behind a City of London sign outside Billingsgate Market
HSBC’s fine reflects the seriousness of the failings, the Bank of England’s Prudential Regulation Authority said. Photograph: Hannah McKay/Reuters

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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