Record HSBC fine shows FSA getting tough on retail conduct

mary-stevens

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.

Between 2005 and 2010, NHFA advised 2,485 customers to invest in asset-backed investment products to fund long-term

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