HSBC Receives £57.4m Fine for Failures in Deposit Protection

The Bank of England has imposed a fine of £57.4m on HSBC due to significant shortcomings in safeguarding certain customer deposits over a number of years. The Prudential Regulation Authority of the Bank stated that HSBC did not correctly identify deposits that were eligible for the Financial Services Compensation Scheme in the UK. This scheme ensures protection for customer deposits up to £85,000. The Bank revealed that these oversights took place between 2015 and 2022.