HSBC has been fined £57.4m by the Bank of England for "serious failings" in protecting some customer deposits over several years.

The bank failed to accurately identify deposits eligible for Britain's Financial Services Compensation Scheme, the Bank's Prudential Regulation Authority (PRA) said.

Under the scheme, customer deposits are protected up to the value of £85,000.

The Bank said the failings occurred between 2015 and 2022.

This is the second largest fine ever imposed by the PRA, topped only by an £87million pound penalty on Credit Suisse in July 2023, according to Reuters.

"The serious failings in this case go to the heart of the PRA's safety and soundness objective," said Sam Woods, deputy governor of the Bank of England and CEO of the PRA.

"It is vital that all banks comply fully with our requirements around preparedness for resolution."

HSBC said it was pleased to have resolved the matter.


The UK's flagship share index, the FTSE 100, was up 20-points at 7,652 shortly after opening this morning.

Brent crude oil futures was down 0.02% today, trading at $81.81 a barrel.

Companies reporting today

AlphabetFull Year Results
DiageoHalf Year Results
MicrosoftQ2 Results
Pets at HomeQ3 Results
PfizerFull Year Results
SSP GroupQ1 Trading Statement
SthreeFull Year Results

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