HSBC

HSBC and Standard Chartered have agreed record settlements over money laundering allegations as the former agrees to pay $1.9bn to US regulators.

A professional indemnity (PI) insurer has hit out at a proposed £110m redress scheme for Arch Cru investors, saying it is fundamentally flawed and could cause "substantial damage" to IFA firms.

HSBC is preparing its first sale of sub-prime loans since the height of the financial crash, as Britain's largest bank begins to off-load more than $40bn (£25bn) of toxic US debt it still holds on its books.

Britain's banks face a financial black hole of up to £60bn from regulatory demands, hidden losses, and potential mis-selling costs that threaten to jeopardise future growth, the Bank of England has warned.

An Exeter-based IFA has expanded its team to nine by hiring and retraining two ex-HSBC advisers.

HSBC is investigating allegations that criminals used offshore accounts at its Jersey business for money laundering and tax evasion, the BBC reports.

Britain's largest bank HSBC has set aside an extra $800m to cover settlements for breaching anti money-laundering rules in the US.

HSBC is to convert its whole-of-market advisory proposition into a restricted advice model next year, Investment Week, IFAonline's sister title, understands.

The deadline for Arch Cru investors to accept payments from a £54m scheme set up by Capita and the funds' depositories has been delayed by 12 months until 31 December 2013.

Five years on from the credit crunch which sent global stock markets into disarray and ruined many banks around the globe, including Northern Rock in the UK, the landscape for investors has changed considerably.