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HSBC Exclusive: £57m Fine by UK Regulators Explained

HSBC Holdings Plc has been subjected to a substantial fine of £57.4 million by the UK’s Prudential Regulation Authority (PRA) for its failure to adhere to depositor protection regulations.

HSBC London Headquarters in the City's Canary Wharf District. PHOTO: Shutterstock
HSBC London Headquarters in the City’s Canary Wharf District. PHOTO: Shutterstock

This fine, which ranks as the PRA’s second-largest penalty, stems from HSBC’s neglect in correctly implementing the rules of the Financial Services Compensation Scheme (FSCS) between 2015 and 2022.

Under this scheme, client deposits up to £85,000 are guaranteed and fully reimbursed if a bank

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