Gå ubegrenset med Magzter GOLD
Få ubegrenset tilgang til over 9000 magasiner, aviser og premiumhistorier for bare
Prøve GULL - Gratis
HSBC fined £57m over failure to protect deposits
Evening Standard
|January 30, 2024
HSBC suffered another serious blow to its reputation today when it was whacked with one of the heaviest fines ever handed out by the City regulator.
The giant bank- a global lender with its HQ in London - was fined £57.4 million for "serious failings" in its systems to protect customer deposits.
That is topped only by the £87 million punishment handed out to Credit Suisse last summer by the Bank of England's Prudential Regulation Authority, HSBC was also hit with a $1.9 billion fine by US authorities in 2012 for serving as a conduit for Mexican cocaine money laundering cartels, perhaps the most egregious punishment meted out to any bank, ever.
There was a serious danger then that it might lose its US banking licence, so lax were its controls felt to be.
It pledged then that it had changed its systems.
Today the PRA said HSBC had, between 2015 and 2022, failed to protect customer deposits.
Under the City compensation scheme, deposits are guaranteed up to £85,000, a measure brought in after the 2008 financial crisis to ensure public confidence in the banking system.
Denne historien er fra January 30, 2024-utgaven av Evening Standard.
Abonner på Magzter GOLD for å få tilgang til tusenvis av kuraterte premiumhistorier og over 9000 magasiner og aviser.
Allerede abonnent? Logg på
FLERE HISTORIER FRA Evening Standard
The London Standard
Why we all fell in love with zany fashion
From JW Anderson's bronze peaches to Loewe's playful bags, the style set have got their sense of humour back.
4 mins
January 22, 2026
The London Standard
The ultimate London guide for first-time buyers
From new-builds to no-deposit mortgages, how to make the most of lower prices.
7 mins
January 22, 2026
The London Standard
A SAUNTER AROUND SYDNEY WITH RICK STEIN
The chef and TV star adores the fish at Margaret, knows where to take a shark- proof swim and loves a bar crawl in Surry Hills - preferably to the sound of Cold Chisel
4 mins
January 22, 2026
The London Standard
'I DON'T WANT TO BE IDOLISED, BUT IF PEOPLE IDOLISE ME, I CAN'T HELP IT'
As she conquers the UK charts, Nigerian megastar Tems talks about working with Rihanna, amplifying the voices of African women and flying the flag for real music
7 mins
January 22, 2026
The London Standard
Inside the battle for the soul of music and the search for an antidote to AI-generated slop
Neo soul singer Sienna Rose is the full package.
2 mins
January 22, 2026
The London Standard
'When I was at my lowest ebb, that hour of connection and hot lunch meant everything'
As our final appeal total hits £2.65m, we meet a client of a charity your support helps
4 mins
January 22, 2026
The London Standard
Labour's policies are pushing restaurants over the edge — I've never seen it so bad _
I remember first coming to this incredible city years ago, and in the past three decades I've seen many talented chefs carving out their reputations, open amazing restaurants - but now the industry is facing a bloodbath.
4 mins
January 22, 2026
The London Standard
Alas, poor Hamnet - it's a beautiful film but the storyline is utter tosh
Chloe Zhao's adaptation of the Maggie O'Farrell novel Hamnet has had rave reviews, so I could not wait to see it.
3 mins
January 22, 2026
The London Standard
Pochettino holds real appeal as the unifying force at Tottenham
The club’s former boss has made no secret of his desire to return to the helm one day.
2 mins
January 22, 2026
The London Standard
'I HAD SOMETHING I NEEDED TO EXPRESS ... NOT BEING ABLE TO WAS KILLING ME'
Jacob Alonhasjustscooped the 2026 Brits Critics' Choice Awardand with their intimately hauntingfolk, the young Scottish singersongwriter may be the hottest new talentin years.
6 mins
January 22, 2026
Listen
Translate
Change font size