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FSA fines HSBC £10.5m for mis-selling to elderly The FSA has fined HSBC £10.5m for inappropriate investment advice provided by one of its IFA subsidiaries, NHFA Limited (NHFA), to elderly customers. It is the largest ever retail fine issued by the regulator and HSBC estimates that the amount of compensation to be paid to NHFA customers will be approximately £29.3m. Between 2005 and 2010, NHFA advised 2,485 customers to invest in asset-backed investment products, typically investment bonds, to fund long-term care costs for elderly customers. To read more click HERE: Govt exten...
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