HSBC fined £57.4m for deposit protection failings

HSBC has been fined £57.4m by the Bank of England for "Serious failings" over its requirements to protect customer deposits. The Bank said the failings 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. The PRA said HSBC Bank incorrectly marked 99% of its eligible beneficiary deposits as "Ineligible" for FSCS protection. PRA chief executive Sam Woods said: "The serious failings in this case go to the heart of the PRA's safety and soundness objective."It is vital that all banks comply fully with our requirements around preparedness for resolution," he said, adding the lender had fallen "far short of its obligations in this area, and failed to disclose its failings to us in a timely manner".

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