Record HSBC fine shows FSA getting tough on retail conduct
Experts believe multi-million-pound fine issued to HSBC to be continuation of FSA focus on banks' retail failings
The £10.5 million fine imposed on HSBC by the UK Financial Services Authority (FSA) on December 5 is indicative of the regulator's increased focus on enforcement regarding retail products, experts say.
The fine was the largest ever issued by the FSA for retail failings. NHFA, a subsidiary of HSBC, was ruled to have provided "inappropriate" investment advice to elderly customers.
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