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HSBC bank fined for mis-selling to elderly

One of Britain's biggest banks, HSBC, has been fined £10.5m by the Financial Services Authority (FSA) for mis-selling products to elderly customers.

In some cases, individuals were offered five-year investments which were longer than their life expectancy.

Tracey McDermott, acting director of enforcement and financial crime at the (FSA) told the BBC that this fine should act as a deterrent for other banks.

  • 05 Dec 2011