{"id":832,"date":"2024-02-02T11:50:23","date_gmt":"2024-02-02T11:50:23","guid":{"rendered":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/?p=832"},"modified":"2024-02-02T11:50:23","modified_gmt":"2024-02-02T11:50:23","slug":"hsbc-fined-57million-for-not-complying-with-money-protection-scheme","status":"publish","type":"post","link":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/2024\/02\/02\/hsbc-fined-57million-for-not-complying-with-money-protection-scheme\/","title":{"rendered":"HSBC fined \u00a357million for not complying with money protection scheme"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">HSBC has been fined \u00a357.4 million after \u201cserious failings\u201d to protect customer deposits.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank has been issued the fine, which is the first of its kind under a new UK law, after failing to accurately identify customer deposits eligible for Britain\u2019s Financial Services Compensation Scheme. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This scheme allows deposits of up to \u00a385,000 to be protected if the bank were to collapse.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">HSBC subsidiary, HSBC Bank, was discovered to have incorrectly tagged 99% of eligible deposits as ineligible under FSCS protection. Through this negligence by HSBC, \u00a3112 billion worth of deposits went unprotected over several years.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"976\" height=\"549\" src=\"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-content\/uploads\/2024\/02\/HSBC-1-1.webp\" alt=\"\" class=\"wp-image-881\" srcset=\"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-content\/uploads\/2024\/02\/HSBC-1-1.webp 976w, https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-content\/uploads\/2024\/02\/HSBC-1-1-300x169.webp 300w, https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-content\/uploads\/2024\/02\/HSBC-1-1-768x432.webp 768w\" sizes=\"auto, (max-width: 976px) 100vw, 976px\" \/><figcaption class=\"wp-element-caption\">Getty Images<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Prior to this, in 2012, HSBC paid out $1.9 billion following an investigation by the US department of Justice. Again, for money laundering, specifically from Mexican drug cartels.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Bank of England sets out new enforcement policies which aim to speed up investigations in these cases. There are plans to make further amendments to its enforcement policies in 2024.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">HSBC has said it has made \u201cefforts to fully resolve these issues.\u201d&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HSBC has been fined \u00a357.4 million after \u201cserious failings\u201d to protect customer deposits.&nbsp; The bank has been issued the fine, which is the first of its kind under a new UK law, after failing to accurately identify customer deposits eligible for Britain\u2019s Financial Services Compensation Scheme. This scheme allows deposits of up to \u00a385,000 to [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":880,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/posts\/832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/comments?post=832"}],"version-history":[{"count":6,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/posts\/832\/revisions"}],"predecessor-version":[{"id":888,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/posts\/832\/revisions\/888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/media\/880"}],"wp:attachment":[{"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/media?parent=832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/categories?post=832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/centreforjournalismprojects.co.uk\/kentstandard\/wp-json\/wp\/v2\/tags?post=832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}