UK’s PRA slaps HSBC with £57m fine for deposit slip-up – FinTech Breeze

TLDR: The UK’s Prudential Regulation Authority (PRA) has fined HSBC £57.4 million for historic failings in depositor protection. The PRA found that the bank failed to properly implement the requirements set out in the Depositor Protection Rules, including providing information to the Financial Services Compensation Scheme (FSCS) in the event of a firm going bust. The PRA also found that 99% of beneficiary deposits received by HSBC were incorrectly marked as ineligible for FSCS protection. The fine was reduced from £96.5 million due to HSBC’s cooperation throughout the investigation.