Forex Policy’s Post

🚨HSBC Penalized for Consumer Data Right Regulations Violations: HSBC Bank #Australia Limited has paid #Penalties totaling $33,000 following alleged contraventions of the Consumer Data Righ rules. The Australian Competition and Consumer Commission #ACCC issued two infringement #Notices to HSBC in relation to failures to disclose complete mortgage #InterestRate details and accurate credit card balances in response to CDR requests. The ACCC's #Investigation revealed instances where HSBC did not accurately #Disclose #FixedRate home loan interest rates, leading to potential #Misinformation for consumers. Additionally, inaccuracies in credit card account balance data were identified, impacting consumers' ability to make informed financial decisions. ACCC’s Commissioner emphasized the importance of #DataAccuracy within the #CDR #Framework, particularly in aiding consumers during periods of economic uncertainty. While HSBC #Cooperated with the investigation and has taken steps to #Enhance its CDR #Compliance, the payment of #Penalties does not constitute an admission of contravention. For more information refer to the ACCC’s official publication (link in the comment section). #ConsumerDataRight #ACCC #FinancialCompliance #ConsumerRights

🚨𝐅𝐂𝐀 𝐅𝐢𝐧𝐞𝐬 𝐇𝐒𝐁𝐂 £6.2 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐓𝐫𝐞𝐚𝐭𝐦𝐞𝐧𝐭 𝐅𝐚𝐢𝐥𝐮𝐫𝐞𝐬: HSBC has been fined £6.2 #Million ($7.9 million) by the Financial Conduct Authority #FCA for failing to treat customers in #Financial difficulty #fairly. The fine targets HSBC UK Bank Plc, HSBC Bank Plc, and Marks and Spencer Financial Services units, following lapses in proper affordability assessments and disproportionate actions against customers in arrears between 2017 and 2018. The FCA highlighted that HSBC's actions put 1.5 million people at risk of greater financial #Harm due to inadequate #Affordability assessments and overzealous measures against those falling behind on payments. #ThereseChambers, the FCA's joint head of #Enforcement, emphasized the importance of #FairTreatment for customers in financial distress and acknowledged HSBC's efforts to rectify the situation. HSBC has #Apologized to its customers, acknowledging that the service provided between 2017 and 2018 fell short of expectations. The bank has offered full #Redress to impacted customers and has made significant investments to #Enhance its processes. This incident underscores the importance of fair treatment for customers, particularly those facing #FinancialDifficulties, and highlights the #Regulatory scrutiny on banking practices to ensure #CustomerProtection. For more details, refer to the news article published in reuters and FCA’s official publication (Links in the comment section) #HSBC #FCA #FinancialRegulation #BankingIndustry #ConsumerProtection #AffordabilityAssessment

A Cautionary Tale with HSBC Credit Cards I want to share a recent and frustrating experience I had with HSBC Credit Cards, hoping it serves as a cautionary tale for others. I've been a loyal HSBC credit card user for the past two years, always making payments on time. Without any prior notice over the call, both of my credit cards were suddenly closed. This unexpected closure resulted in the loss of my hard-earned rewards points worth approximately INR 9,000. Additionally, I still have an ongoing EMI of INR 1 lakh on one of the cards. The only communication I received was a postal notice, informing me that I had to pay the total outstanding amount by a specified date. In case If you missed to clear total outstanding amount by a specified date. They were threatening that Informing to Credit Information Bureau & CIBIL and We will also initiate debt recovery efforts. HSBC didn't bother to provide a simple, proper comments or explanations provided for the sudden closure. When I contacted customer support, they couldn't see any reason for the closure either and asked me to visit a branch. Despite my visit, the bank staff couldn't provide a clear answer and simply stated that the credit card department had decided to close my cards based on their transaction monitoring. I'm confident that I haven't engaged in any illegal transactions. I suspect that the reason for the closure might be due to my use of the credit card to pay housing rent every month through CRED APP. If this is indeed the reason, it should have been clearly stated in the terms and conditions before issuing the card. This lack of transparency and communication from HSBC has caused significant inconvenience and stress. I hope this post raises awareness and prompts others to be cautious and seek clarity about all terms and conditions when using credit cards. #HSBC #CreditCard #CustomerService #CreditCardClosure #FinancialAwareness #ConsumerRights jaswinder singh sodhi Feel free to make any additional tweaks to match your voice or include additional details.

HSBC has paid A$33,000 in penalties in Australia for alleged breaches of the Consumer Data Right (CDR)... One of the alleged offences relates to credit card balances, which HSBC apparently displayed incorrectly when responding to requests made via CDR This is an early example of open banking sounding great in theory but not working out in practice... As the head of the ACCC said: "For the CDR to be effective, it is critical that CDR data is of high quality. "This means that product data and consumer data – which a consumer has consented to share - must be accurate, up-to-date, complete, and in the required format." Still, I don't understand how HSBC could have provided the wrong data for something as simple as a balance... Do you? https://lnkd.in/ehNrGTg2

HSBC fined over treatment of customers in difficulty HSBC has been fined £6.2m by the City watchdog after it found the bank failed to help customers in financial difficulties. The Financial Conduct Authority (FCA) said the lender failed to consider customers' circumstances when they missed a repayment or sometimes "took disproportionate action". The FCA said the bank put "1.5 million people at risk of greater financial harm" through its actions. HSBC told the BBC "We have invested in our processes since these matters came to light and are pleased to have resolved these historic issues with the regulator.” The FCA said that HSBC - which also provides financial services for M&S Bank - did not consider customers' circumstances when it came to missed payments between June 2017 and October 2018. Affordability assessments were not always made when people were trying to reduce or clear their arrears, meaning some customers ending up facing more money troubles. These assessments are supposed to make sure a person can afford to take on any extra payments. The watchdog also said HSBC sometimes "took disproportionate action when people fell behind with payments, which risked people getting into greater financial difficulty". It said the bank's policies and procedures didn't go far enough to stop failings while there were deficiencies in the training of staff. “People must be able to trust their lenders to treat them fairly when in financial difficulty," said Therese Chambers, the FCA's joint executive director of enforcement and market oversight. "By failing to do so, HSBC put 1.5 million people at risk of greater financial harm." HSBC itself told the FCA about issues with handling customers facing financial difficulty in 2018. It said it had invested £94m in trying to identify and resolve the problem and made redress payments totalling £185m to more than 1.5 million customers. The bank could have faced a steeper fine by the FCA of £8.9m. But the watchdog said it took HSBC's remediation and redress programme into account as well as an agreement to settle the case. News credit BBC News #news #dailynews #trendingnews #viralnews #dailynewsupdates #dailynewsletter

HSBC has recently been hit with a £6.2million fine by the FCA for its 'inadequate measures' in ensuring fair treatment for customers facing financial difficulties or falling into arrears. In light of this, along with the PS24/2 guidance and the Consumer Duty, there is a heightened need for lenders to reassess their customer safeguarding protocols. At this critical juncture, it is imperative for firms to evaluate and enhance their processes to uphold fair treatment standards for borrowers. Read on >> https://bit.ly/45tto88 #consumerduty #implementation #compliance #regulatorychange #governance #evidencing #MI #financialservices #fairvalue #vulnerability

🔍 Ensure Your Community Bank Stays Compliant and Ahead with VCM! From lending and operations compliance to CRA, BSA/AML, and beyond, our specialized audit services are designed to protect your institution. We identify and mitigate risks early, so you can focus on growth with confidence. Don’t wait for issues to arise—partner with VCM and fortify your bank’s future. Visit www.VCM4you.com to learn more! #BankCompliance #AuditExcellence #CommunityBanking #RiskManagement #VCM

TD $3B fine has shaken the industry—but here’s what no one’s discussing: 𝐖𝐡𝐨’𝐬 𝐧𝐞𝐱𝐭? With increasing BSA/AML scrutiny, even if your past exams were fine, that doesn’t guarantee a satisfactory result next time. Don’t let an easy fix cost you a fine that wipes away your earnings. How can your community bank be better and more efficient? 𝐍𝐨𝐰 is the time to review controls, improve processes, and listen to your BSA Officer. By doing so, you will have a better chance of not being the next headline, but what do I know 😉 Be well. #bsa #aml #amlcompliance #compliance #bank #communitybanking #riskmanagement

FCA fines Metro Bank £16m for financial crime failings.Between June 2016 and December 2020, Metro failed to have the right systems and controls to adequately monitor over 60 million transactions, with a value of over £51 billion, for money laundering risks. #antimoneylaundering #antibribery #complianceofficers #duediligence #economiccrime #financialcrime #economiccrime #financialinstitutions