HSBC fined £57.4m for customer deposit protection failings
HSBC has been fined £57.4m by the Bank of England for “serious failings” over its measures to protect customer deposits.The bank failed to accurately identify deposits eligible for Britain’s Financial Services Compensation Scheme, the Bank’s Prudential Regulation Authority (PRA) said.Under the scheme, customer deposits are protected up to the value of £85,000. HSBC said it was pleased to have resolved the “historic matter”. The fine is the second highest to date imposed by the regulator, reflecting the seriousness of the failings, the PRA said.The regulator said the problems occurred between 2015 and 2022.Under depositor protection rules, banks must have systems…