May 23, 2024
HSBC fined over treatment of customers in difficulty
HSBC has been fined £6.2m by the City watchdog after it found the bank failed to help customers in financial difficulties. The FCA said that HSBC - which also provides financial services for M&S Bank - did not consider customers' circumstances when it came to missed payments between June 2017 and October 2018. The watchdog also said HSBC sometimes "Took disproportionate action when people fell behind with payments, which risked people getting into greater financial difficulty". "By failing to do so, HSBC put 1.5 million people at risk of greater financial harm." HSBC itself told the FCA about issues with handling customers facing financial difficulty in 2018.
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