- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2024-01-31T21:15:00
The Bank of England’s Prudential Regulation Authority (PRA) penalized two HSBC units 57.4 million pounds (U.S. $73 million) over historic failures in deposit protection identification and notification.
HSBC Bank (HBEU) and HSBC U.K. Bank failed to implement the Depositor Protection Rules (DPR) by improperly identifying deposits eligible for the Financial Services Compensation Scheme (FSCS), the PRA announced in a press release Tuesday.
The firms received a 30 percent discount for cooperation throughout the investigation, including early admission and for agreeing to resolve the matter, the PRA noted. The penalty represents the second largest fine imposed by the British banking regulator.
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2023-10-10T16:45:00Z By Jeff Dale
HSBC Securities (USA) agreed to pay $2 million as part of a settlement with the Financial Industry Regulatory Authority addressing alleged inaccurate disclosures related to conflicts of interest.
2022-12-20T21:21:00Z By Neil Hodge
TSB Bank was fined £48.65 million (U.S. $59.2 million) by U.K. regulators after a disastrous IT migration left customers unable to access cash or use online accounts for weeks.
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The U.K. Financial Conduct Authority fined HSBC Bank £63,946,800 (U.S. $84.3 million) for failings in its anti-money laundering processes over an eight-year period.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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