AIRLINK 75.30 Increased By ▲ 1.60 (2.17%)
BOP 4.89 Decreased By ▼ -0.01 (-0.2%)
CNERGY 4.40 Decreased By ▼ -0.12 (-2.65%)
DFML 42.25 Decreased By ▼ -2.63 (-5.86%)
DGKC 84.08 Decreased By ▼ -1.42 (-1.66%)
FCCL 21.37 Decreased By ▼ -0.03 (-0.14%)
FFBL 32.19 Decreased By ▼ -0.32 (-0.98%)
FFL 9.40 Decreased By ▼ -0.19 (-1.98%)
GGL 10.06 Decreased By ▼ -0.21 (-2.04%)
HASCOL 6.93 Decreased By ▼ -0.20 (-2.81%)
HBL 113.90 Decreased By ▼ -0.80 (-0.7%)
HUBC 139.10 No Change ▼ 0.00 (0%)
HUMNL 12.05 Decreased By ▼ -0.37 (-2.98%)
KEL 4.93 Decreased By ▼ -0.10 (-1.99%)
KOSM 4.39 Decreased By ▼ -0.06 (-1.35%)
MLCF 37.30 Decreased By ▼ -0.30 (-0.8%)
OGDC 133.00 Decreased By ▼ -3.80 (-2.78%)
PAEL 24.79 Decreased By ▼ -0.60 (-2.36%)
PIBTL 6.55 Decreased By ▼ -0.14 (-2.09%)
PPL 118.00 Decreased By ▼ -3.00 (-2.48%)
PRL 26.00 Decreased By ▼ -0.59 (-2.22%)
PTC 13.70 Decreased By ▼ -0.40 (-2.84%)
SEARL 57.29 Decreased By ▼ -0.01 (-0.02%)
SNGP 66.48 Decreased By ▼ -1.52 (-2.24%)
SSGC 10.30 Decreased By ▼ -0.12 (-1.15%)
TELE 8.26 Decreased By ▼ -0.19 (-2.25%)
TPLP 10.75 Decreased By ▼ -0.23 (-2.09%)
TRG 62.35 Decreased By ▼ -0.99 (-1.56%)
UNITY 27.04 Decreased By ▼ -0.01 (-0.04%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,861 Decreased By -79.5 (-1%)
BR30 25,272 Decreased By -375.8 (-1.47%)
KSE100 74,899 Decreased By -618.3 (-0.82%)
KSE30 24,041 Decreased By -236.4 (-0.97%)

LONDON: The Bank of England said on Tuesday it had fined HSBC 57.4 million pounds ($73 million) for “serious failings” in protecting some customer depositors over several years.

The BoE’s Prudential Regulation Authority (PRA) said the bank failed to accurately identify deposits eligible for Britain’s Financial Services Compensation Scheme (FSCS) - which protects customer cash up to 85,000 pounds.

The rules require lenders to ensure critical information is held in order for the FSCS to compensate customers if a firm fails.

“The serious failings in this case go to the heart of the PRA’s safety and soundness objective,” said Sam Woods, deputy governor of the Bank of England and CEO of the PRA.

Sterling edges up

“It is vital that all banks comply fully with our requirements around preparedness for resolution.”

The failings occured at HSBC Bank plc between 2015 and 2022, and at HSBC UK Bank plc between 2018 and 2021, the regulator said.

The bank cooperated with the investigation and agreed to resolve the matter, qualifying for reductions to its fine - which would otherwise have been 96.5 million pounds, the statement added.

Comments

200 characters