Jan 20, 2017
HSBC to refund £4m to shoppers who fell into debt
In total £4m will go to 6,700 customers who were charged an "Unreasonable" amount between 2003 and 2009. The finance was provided by two firms, HFC and John Lewis Financial Services, who are now both owned by HSBC. The Financial Conduct Authority said only a small number were actually customers of John Lewis. When these customers fell behind with payments, they were charged 16.4% of their outstanding balances as a debt collection fee. Since then the FCA has calculated how many people are due compensation. Customers affected will be contacted by HSBC directly.
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