HSBC Fined £10.5m For Bad Advice To Elderly

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HSBC Fined £10.5m For Bad Advice To Elderly

This is a duplicate of the Blog Entry made on 5th December 2011 12:30.

*Banking giant HSBC has been fined £10.5m for giving "inappropriate investment advice" to elderly customers.* It is the largest ever retail fine...

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[CleverClogs (RIP)]

Re: HSBC Fined £10.5bn For Bad Advice To Elderly

HSBC Fined £10.5bn For Bad Advice To Elderly

This is a duplicate of the Blog Entry made on 5th December 2011 12:30.

*Banking giant HSBC has been fined £10.5m for giving "inappropriate investment advice" to elderly customers.* It is the largest ever retail fine...

Click to Read More...

HSBC Fined £10.5bn?

Shurely shome mishtake?

[CleverClogs (RIP)]

Re: HSBC Fined £10.5bn For Bad Advice To Elderly

It is also worth pointing out that the only reason this scandal was considered by the Fundamentally Supine Authority was because HSBC investigated the matter themselves and then told the FSA about it.

The FSA is all the use of a teapot made from suet.

[Never-In-Doubt]

Re: HSBC Fined £10.5bn For Bad Advice To Elderly

HSBC Fined £10.5bn?

Shurely shome mishtake?

yesh - i'll go fixch it the noo

[5corpio]

Re: HSBC Fined £10.5m For Bad Advice To Elderly

HSBC scandal: The senior executives who made a fortune exploiting the elderly

Three businessmen who made £9.5million from a disgraced company that lured the elderly into investing in stock market schemes can be identified today. Philip Spiers, Nick Tyler and Peter Fisher were senior executives at the Nursing Home Fees Agency, which persuaded pensioners as old as 94 to gamble their life savings on risky investments they might not live to see pay out. Mr Spiers, 61, who founded NHFA in 1991, received £3.8million when the firm was bought by HSBC six years ago.

Mr Tyler, 53, who was chief executive until earlier this year, had his stake valued at £2.85million as did Mr Fisher, 57. But while the trio became millionaires and live in luxury country homes, thousands of frail care home residents saw their life savings devastated by rogue financial advisers. On Monday, HSBC was fined a record £10.5million and ordered to repay £29.3million after NHFA – which became its subsidiary – was found to have mis-sold investments to 2,485 pensioners between 2005 and 2010. Victims, who were on average aged 83, were convinced to part with an average of £115,000, often nest eggs from the sales of their homes.....Read more here---> HSBC scandal: The senior executives who made a fortune exploiting the elderly

[5corpio]

Re: HSBC Fined £10.5m For Bad Advice To Elderly

HSBC opens new compensation route for NHFA mis-selling

HSBC has opened the way for thousands more potential claims for compensation surrounding advice from subsidiary NHFA. The bank already faces a £40m bill, to pay a fine plus compensation for NHFA's mis-selling of investment bonds designed to cover care home fees.
Now the bank has said it will consider complaints from before when it took over NHFA in 2005. Claims will be accepted from elderly customers or their families.

'Sympathetic'

The Financial Services Authority fined HSBC £10.5m on Monday for NHFA's unsuitable sales of financial products to people expected to die before the recommended investment period was up.
The bank said it was likely to pay an estimated £29m in compensation to victims. NHFA had 11,000 customers while it was owned by...Read more here--> BBC News - HSBC opens new compensation route for NHFA mis-selling

[CleverClogs (RIP)]

Re: HSBC Fined £10.5m For Bad Advice To Elderly

Now the bank has said it will consider complaints from before when it took over NHFA in 2005. Claims will be accepted from elderly customers or their families.

If one ignores their pitiful attempt to put a positive 'spin' on this news item, one would surely wonder if the Hong-Kong and Shanghai Bank of Con-men really had any choice over liability.

Section 14A of the Limitation Act 1980 (link) would appear to give claimants a little less than three years from now in which to make a claim for damages.