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HSBC fined £10.5m for mis-selling to elderly in care

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dipsydoodle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 06:16 AM
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HSBC fined £10.5m for mis-selling to elderly in care
HSBC has been fined £10.5m by the City watchdog for mis-selling investment bonds to elderly people in care.

Some 2,485 customers of the bank's subsidiary NHFA were advised to invest, in order to fund care costs.

Unsuitable sales of this product were made to 87% of NHFA customers, prompting the largest retail fine to date from the Financial Services Authority (FSA).

The bank estimates that an additional £29.3m in compensation will be paid.

http://www.bbc.co.uk/news/business-16030451

Bastards.
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