Around 200,000 HSBC customers who bought investments after being advised by sales staff in high street branches could be in line for compensation after a mystery shopping exercise by investigators from the Financial Conduct Authority (FCA).
The bank said it is spending £93m to review the investment advice given to customers between August 2008 and October 2012, the Guardian reports. But it said the final compensation figure is unlikely to be high because stockmarkets rose across the period under review, so even customers who were poorly advised may not be out of pocket. The regulatory action against HSBC is the second time it has been reprimanded for mis-selling investments. In 2011, HSBC was hit with a then-record £10.5m fine for selling unsuitable products to almost 2,500 elderly customers. The bank's NHFA subsid...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
