Jul 11, 2019

HSBC extends debt collection compensation scheme

HSBC is extending a compensation scheme for customers who were charged "Unreasonable" debt collection fees after finding the issue may have affected almost four times more people than originally thought. HSBC said the new customers were found after a "Broader and more complex investigation of third-party records". HSBC stopped adding the charges in 2009 and was formally banned in 2010, but did not compensate previous customers who paid the fees until after the FCA investigation. A spokesperson for HSBC said: "Doing the right thing by HFC customers who paid unreasonable debt collection charges during the period 2003-2009 is an important undertaking for us." Banks have been keen to show they have improved their treatment of customers after scandals such as the mis-selling of payment protection insurance, which has cost them more than £35bn in compensation costs.

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