The giant bank- a global lender with its HQ in London - was fined £57.4 million for "serious failings" in its systems to protect customer deposits.
That is topped only by the £87 million punishment handed out to Credit Suisse last summer by the Bank of England's Prudential Regulation Authority, HSBC was also hit with a $1.9 billion fine by US authorities in 2012 for serving as a conduit for Mexican cocaine money laundering cartels, perhaps the most egregious punishment meted out to any bank, ever.
There was a serious danger then that it might lose its US banking licence, so lax were its controls felt to be.
It pledged then that it had changed its systems.
Today the PRA said HSBC had, between 2015 and 2022, failed to protect customer deposits.
Under the City compensation scheme, deposits are guaranteed up to £85,000, a measure brought in after the 2008 financial crisis to ensure public confidence in the banking system.
Esta historia es de la edición January 30, 2024 de Evening Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 30, 2024 de Evening Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
The era of longevity is almost upon us. But can our minds really keep up?
A post-ageing world is just around the corner, says longevity scientist AUBREY DE GREY, and it’s going to change the way we live
Hidden London
SECRET SPOTS YOU SIMPLY HAVE TO DISCOVER
How Christian Louboutin fell in love with Melides in Portugal
The wild beauty of this seaside village charmed the French fashion designer so much that he made it his home
Actor Millie Bobby Brown romances in Hyde Park, feasts at Sheesh and buys thelot at Harrods
Interview with Actor Millie Bobby Brown
How will Arteta manage without influential Edu?
Arsenal need smooth transition between eras just like Man City
"I had no one in Manchester apart from my PlayStation"
Aaron Wan-Bissaka was a young man rated among the country's most promising footballers when Manchester United came calling in the summer of 2019.
The battle for the soul of Soho
Inside the war between London's porn baron family and the council they say is killing the vibe
At the table: Sad steaks seasoned with despair
Fetch the smelling salts, you're in for a shock: A Restaurant Critic Hates a Famously Terrible Restaurant. Low-hanging fruit? Perhaps.
Class portrait Nobody else writes about middle England so acutely
Tessa Hadley's first novella depicts women in refreshing ways
How a tiny cult radio station in Hackney took over the world
I think the most obscure place I've had a listener email from so far was probably a guy in the Yukon,\" laughs Flo Dill, the host of NTS Radio's flagship morning show.
