FCA fines HSBC £6.2m over treatment of those in financial difficulty

Between June 2017 and October 2018, the regulator found that HSBC failed to properly consider people's circumstances when they had missed payments. This meant it did not always do the right affordability assessments when entering arrangements with people to reduce or clear their arrears, the FCA stated. It found that the bank sometimes took disproportionate action when people fell behind with payments, which risked people getting into greater financial difficulty. The failings were caused by deficiencies in HSBC's policies and procedures and the training of its staff, according to ...