HSBC Fined for Mis-selling to the Elderly

HSBC faced Britain's largest banking fine for mis-selling investment products to elderly customers, with an average age of 83, who needed funds for long-term care. The products were unsuitable as they matured after five years. HSBC's CEO apologized, acknowledging the breach of their values. The mis-selling was conducted by NHF, a company acquired by HSBC, which operated independently until 2010. The issue was identified in 2009, leading to an FSA investigation. HSBC committed to compensating affected customers. The case highlights the need for better regulatory prevention and consumer caution.

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