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HSBC fined for not treating cash-strapped customers fairly
Banking giant HSBC has been fined 6.2 million pounds ($7.9 million) for failing to treat financially-stretched customers fairly, Britain's Financial Conduct Authority (FCA) said on Thursday. The FCA said it had imposed the penalty on the bank's HSBC UK Bank Plc, HSBC Bank Plc and Marks and Spencer Financial Services units because they had failed to do proper affordability assessments and sometimes took disproportionate action when people fell into arrears between 2017 and 2018. HSBC notified the FCA in 2018 after spotting problems with the way it handled customers in arrears or in financial difficulty and had already ... (full story)