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”.
HSBC said it was pleased to have resolved the “historic matter”.
The regulator said the problems occurred between 2015 and 2022.
Under depositor protection rules, banks must have systems and controls in place to make sure that financial information is logged correctly. This information is needed if the FSCS has to make payments to customers if a bank collapses.
One of HSBC’s subsidiaries – HSBC Bank – was found to have incorrectly marked 99% of its eligible beneficiary deposits as “ineligible” for FSCS protection.
HSBC Bank also provided incorrect evidence that its systems satisfied certain requirements of the deposit protection rules, the PRA said.
The PRA said the failings were “so significant” that “it had materially undermined the firm’s readiness” for any restructuring should it have been required.
HSBC said it was pleased to have resolved the “historic matter”.
Under the scheme, customer deposits are protected up to the value of £85,000.
The regulator said the problems occurred between 2015 and 2022.
HSBC said it was pleased to have resolved the “historic matter”.
HSBC said it was pleased to have resolved the “historic matter”.
The regulator said the problems occurred between 2015 and 2022.
Under depositor protection rules, banks must have systems and controls in place to make sure that financial information is logged correctly. This information is needed if the FSCS has to make payments to customers if a bank collapses.
One of HSBC’s subsidiaries – HSBC Bank – was found to have incorrectly marked 99% of its eligible beneficiary deposits as “ineligible” for FSCS protection.
HSBC Bank also provided incorrect evidence that its systems satisfied certain requirements of the deposit protection rules, the PRA said.
The PRA said the failings were “so significant” that “it had materially undermined the firm’s readiness” for any restructuring should it have been required.
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