HSBC has been fined £57.4million by The Bank of England’s Prudential Regulation Authority (PRA) for historic depositor protection failings dating back to 2015.
It is the second biggest fine that the watchdog has ever given out.
The PRA said the bank did not have “adequate systems and controls, and governance” that are pivotal to making prompt payments in the case of the bank collapsing.
More to follow…
