Arab Today, arab today hsbc must pay record £398m in penalties
Last Updated : GMT 21:53:08
Arab Today, arab today
Arab Today, arab today

HSBC must pay record £39.8m in penalties

Arab Today, arab today

Arab Today, arab today HSBC must pay record £39.8m in penalties

London - Arabstoday

HSBC Holdings Plc was fined a record amount by the UK finance regulator for advising elderly people to buy products to fund their nursing-home care costs that matured after some of the customers were expected to be dead. With the fine and customer-compensation penalty, the UK-based bank must pay about £39.8 million (Dh227.91 million), the Financial Services Authority said in a statement yesterday. The £10.5 million fine is the regulator\'s largest-ever retail penalty and the bank estimated it would have to pay around £29.3 million to compensate customers, the FSA said. HSBC unit NHFA Ltd. advised 2,485 customers with an average age of 83 to invest in asset-backed products to fund their long-term care. The investments typically were recommended for a minimum five-year period, which in some cases was longer than the customers\' life expectancies, causing them to make withdrawals sooner than recommended, the regulator said. The HSBC unit made \"unsuitable sales\" to around 87 per cent of its customers for these types of investments over a five-year period until 2010. Article continues below HSBC chief executive Brian Robertson said in a statement he is \"profoundly sorry\" that the NHFA \"failed to give suitable financial advice to some of their customers.\" The bank reported the advice to the FSA and closed the unit to new business on July 1, Robertson said.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hsbc must pay record £398m in penalties Arab Today, arab today hsbc must pay record £398m in penalties

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today hsbc must pay record £398m in penalties Arab Today, arab today hsbc must pay record £398m in penalties

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday