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The fine is second only to the £87m paid by Credit Suisse last year

Investment Banking Editor

HSBC has been fined £57.4m by the Prudential Regulation Authority — the regulator’s second biggest ever fine — for failures to comply with depositor protection rules.

The watchdog said that it was fining HSBC UK and HSBC Bank for significant historic failures to comply with the rules over depositor protection between 2015 and 2022. The shortcomings included not identifying when deposits were eligible for the Financial Services Compensation Scheme, the PRA said in a statement.

HSBC fined £57m for depositor protection failures

Paul Clarke

HSBC

Financial Regulation

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