HSBC mis-selling scandal: Ex-NHFA adviser dismisses bank's claims

clock •

A former Nursing Home Fees Agency (NHFA) adviser has scoffed at banking giant HSBC's attempts to distance itself from a mis-selling scandal which led to almost 2,500 pensioners being sold unsuitable investment bonds.

HSBC was fined £10.5m this week and ordered to pay £29.3m compensation after advisers at NHFA, which was acquired by the bank in 2005, gave inappropriate investment advice to 2,485 customers, with an average age of 83. In many cases, the five-year investment period of the bonds was longer than the recipients' life expectancy. HSBC was quick to distance itself from the mis-selling, releasing a statement on saying most NHFA advisers were self-employed and had never advised on any HSBC products or services. But Tom Scott, who joined NHFA in April 2004, 15 months before HSBC acquired i...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

PA Awards 2027: Last chance - entries close at midnight tonight

PA Awards 2027: Last chance - entries close at midnight tonight

The 22nd Professional Adviser Awards will take place in London next March

Professional Adviser
clock 18 September 2026 • 1 min read
Multi-Asset and MPS Roadshow: Last chance to join PA in Harrogate or Warrington

Multi-Asset and MPS Roadshow: Last chance to join PA in Harrogate or Warrington

Hear from Aberdeen, Aviva Investors, Clever, Downing, Fidelity, Quilter Cheviot, Rathbones

Professional Adviser
clock 08 September 2026 • 1 min read
Two including former police officer charged in connection with £720,000 investment fraud

Two including former police officer charged in connection with £720,000 investment fraud

Due to appear at Westminster Magistrates’ Court

Sophia Panayi
clock 04 June 2026 • 1 min read