HSBC should have learned from Household International when it comes to insurance packing. Britain’s financial watchdog has fined HFC Bank, part of banking giant HSBC Holdings, 1.085 million pounds ($2.12 million), its largest penalty to date, linked to the sale of payment protection insurance (PPI). We wrote an article yesterday about HSBC embarassments by Household, now called HSBC Finance. When we saw the financial news this morning we were greeted by another case. HFC is part of HSBC Holdings but is still run out of the United States and is not part of HSBC’s UK bank.
Are there any controls whatsoever over HSBC Finance? One would think not - unless the fine was minimal compared to the profit.
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