HSBC fined £57.4m for deposit protection failings

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27 minutes ago

HSBC has been fined £57.4m by the Bank of England for "serious failings" in protecting some customer deposits over several years.

The bank failed to accurately identify deposits eligible for Britain's Financial Services Compensation Scheme, the Bank's Prudential Regulation Authority said.

Under the scheme, customer deposits are protected up to the value of £85,000.

The Bank said the failings occurred between 2015 and 2022.