HSBC Fined £57.4m by Bank of England for Failing to Protect Customer Deposits

The bank incorrectly marked 99% of eligible deposits as 'ineligible' for Financial Services Compensation Scheme protection, leading to the second highest fine ever imposed by the Prudential Regulation Authority.

HSBC has been fined £57.4m by the Bank of England's Prudential Regulation Authority (PRA) for 'serious failings' in protecting customer deposits.
The bank incorrectly marked 99% of eligible deposits as 'ineligible' for Financial Services Compensation Scheme (FSCS) protection.
The failings occurred between 2015 and 2022, making it the second highest fine ever imposed by the PRA.
HSBC's cooperation throughout the investigation and early admission of rule breaches resulted in a reduction of the original fine from £96.5m.
The PRA stated that HSBC's breaches were not 'deliberate or reckless'.