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UK financial regulators have fined HSBC £57.4mn for “serious failings” in safeguarding the deposits of some customers over a period of seven years. Among several failings laid out by the regulator, HSBC incorrectly marked 99 per cent of eligible beneficiary deposits at its non-ringfenced UK bank as “ineligible” for consumer protection.
So much for your money being safe.
So much for your money being safe.
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HSBC took my bank account off me because I enjoyed a punt - didn't know it was illegal. I'll never deal with them again!
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The articles I read referred to "hundreds of customers with deposits worth billions of pounds" - so I doubt that's either of us Howard?
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the way I read it looks like 99% of all customers their 85k protection was not in place
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If that was the case I'd think that someone at the PRA would be getting the sack, for not noticing such a glaring error on financial returns.
As an aside I wonder if the trust holding Flutter's ringfenced customer deposits is eleigible for one 85k payout or mulitiple per customer? |
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@revs hsbc were the number one bank for shutting down poker players accounts due to cash turnover, (while also happily doing business with drug cartels in mexico).
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I happened to be in one of their vaults where they stored trunks ect some of them were very old so I thought I would have a look to see what they contained.
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looking some more I think you're right longbridge. The accounts ( the majority of which were involved ) were in the non ring fenced accounts. The retail bank accounts were separated in 2018.
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