HSBC fined for mis-selling to Elderly

[Angry Cat]

BBC News - HSBC bank fined for mis-selling to elderly

One of Britain's biggest banks, HSBC, has been fined £10.5m by the Financial Services Authority (FSA) for mis-selling products to elderly customers.

In some cases, individuals were offered five-year investments which were longer than their life expectancy.

Tracey McDermott, acting director of enforcement and financial crime at the (FSA) told the BBC that this fine should act as a deterrent for other banks.

Read More: BBC News - HSBC faces £40m bill for mis-selling to elderly in care

HSBC's £40m bill for mis-selling

[jumper999]

Re: HSBC fined for mis-selling to Elderly

I was reading that today in quite a lot of detail and all I can say is that I was speechless.

One never really knows what goes on behind closed doors and what investigations/actions are being taken against who..............very interesting and I am sure that HSBC will still have enough money left over for xmas.

[CleverClogs]

Re: HSBC fined for mis-selling to Elderly

It only came to the attention of the Fundamentally Supine Authority because HSBC told them about it.

The FSA is about as effective as a one-legged man would be in a backside kicking contest.