LONDON (Reuters) - Britain’s Financial Services Authority (FSA) said on Wednesday it had fined global bank HSBC 100,000 pounds for failing to ensure the accuracy of transaction reports from its stockbroking unit.
“In July 2005 the FSA requested certain trading information from HSBC Stockbroker Services (HSS) which, when reviewed, revealed that HSS had reported the client transaction as a ’sale’ prior to a positive announcement and a ‘purchase’ after it,” the regulator said in a statement.
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Chief Operating Officer Alan Jebson said HSBC would save about $20,000 for every job it moved to Asia. HSBC runs four service centers in India, three in China and one in Malaysia, one in the Philippines and one in Sri Lanka. Vietnam could be its next outpost, where there is a high population of English and French speakers. HSBC wants to trim jobs in the United States and England where the cost of living is higher. And it’s hard to take a $20,000 per year pay cut to stay employed unless you are the CEO.
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Bill collectors are not allowed to call after 9 at night and cannot call on Sunday - or so you thought. If it happened to you see our “Your Money” page to see how much you can charge them because of their violation. The FDIC tells them so - use this link to see the law.
But true to their predatory nature with little regard for the law, heavily accented agents in India are calling Household International - HSBC customers as early as 6 AM, seven days a week including Sundays. Household - HSBC Watch has new updated pages for 2006 including direct links to the media, congress, and your senators so you can take action. The practice of calling on Sunday is not limited to callers from India by any means. Debt collectors in the U.S. often play outside the law but we give you the tools to fight back. See Household - HSBC Watch for more.
Category: 05 All Articles, 05 Collections, 05 Compliance, 05 Regulators
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The instability of oil prices doesn’t just affect how often we drive. Home heating costs are expected to skyrocket throughout the winter. Households heated by natural gas are expected to pay $350 a month this year, an increase of 48 percent from 2004. Homeowners using oil for heating will be paying $378, an increase of 32 percent. The average American may be spending 20 percent of their take-home pay on energy costs this year, according to a Wall Street Journal report.
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Does this sound familiar? Are these tactics used by other debt collectors? Read this article:
The Minneapolis/St. Paul Business Journal - 4:45 PM CST Monday
State Commerce Dept. fines collection agency
By John Vomhof Jr., Staff Writer
Category: 05 All Articles, 05 Collections, 05 How It Works, 05 Regulators
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