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HSBC fined £10.5m for ripping off OAPs

Mon, 05 Dec 2011

By STEVE HAWKES, Business Editor

BANKING giant HSBC faces a nearly £40million bill after being found guilty of ripping off almost 2,500 pensioners.

The City regulator today said elderly customers who were mis-sold products were more likely to DIE than benefit from their investment bonds.

The Financial Services Authority fined HSBC £10.5million — its biggest ever retail fine.

It also said the bank was set to pay £29.3million in compensation.



The 10 biggest Financial Services Authority fines

HSBC has been handed a £10,5m fine, but it is not the biggest financial slap on the wrist handed down by the FSA.

£33,320,000 JPMorgan Securities Ltd
Failing to protect client money by segregating it appropriately.

£17,500,000 Goldman Sachs International
For weaknesses in controls resulting in failure to provide FSA with appropriate information

£17,000,000 Shell Transport and Trading Company, Royal Dutch Petroleum Company and the Royal Dutch/Shell Group of Companies
Market abuse

£13,960,860 Citigroup Global Markets Limited
Breaching FSA Principles 2 and 3 by failing to conduct its business with due skill, care and dilligance

£10,500,000 HSBC
For inappropriate investment advice provided by one of its subsidiaries, NHFA Limited (NHFA) to elderly customers.

£8,000,000 UBS AG
For systems and controls failures that enabled employees to carry out unauthorised transactions involving customer money on 39 accounts

£7,700,000 Barclays Bank plc
For failures in relation to the sale of two funds

£7,000,000 Toronto Dominion Bank
For repeated systems and controls failings around the pricing of sophisticated financial products

£7,000,000 Alliance & Leicester Plc
For serious failings in its telephone sales of payment protection insurance

£6,895,000 Willis Limited
For failings in its anti-bribery and corruption systems and controls.


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