View more on these topics

FCA to investigate HSBC over credit card charges


The FCA is to investigate HSBC over claims of “improper practices” relating to credit card customers being overcharged.

The action follows a ruling from the Complaints Commissioner, which investigates complaints against the regulator, which says the FCA’s original work had “serious failings”, the Guardian reports.

Commissioner Antony Townsend was responding to a complaint made by former lawyer Nicholas Wilson who has spent 12 years battling the bank.

Customers of HFC Bank, which was acquired by HSBC in 2003, were found to have been charged “improperly”. This is not disputed and the bank scrapped the charging structure in 2010.

However, the Commissioner found the FCA’s process for dealing with complaints was “unacceptable”, adding the regulator’s “defensiveness is wholly unsatisfactory”.

In his response to Wilson he says: “It is essential that the reconsideration includes a full analysis of the harm which was caused by the improper practices, including the number of customers affected and whether, as you allege, there is continuing overcharging – further inquiries may need to be made to establish this.”

The FCA says: “Following the complaints commissioner decision, the FCA can confirm that it will reconsider its decision not to look into allegations made in relation to the debt collection practices of HFC Bank Limited. The FCA will be issuing an apology to the complainant shortly.”

HSBC says: “We will cooperate fully with any requests from the FCA on this matter.”


L&G delays Kingswood closure as staff vote on strike

Legal & General has delayed the closure of its flagship office in Kingswood until 2018 while a ballot opens on industrial action. The final vote, opening this Friday, will determine whether Unite members go on strike and follows September’s consultative ballot which saw 68 per cent of members vote in support of action. The ballot […]

Family values: All Types of Mortgages in the new age distribution

Founded at the start of the packager revolution, family-run AToM now hopes to lead the new age of distribution The importance of family businesses to the UK economy is remarkable, even in an age when global corporations touch every part of our lives. A report published at the end of last year by the Institute […]


Halifax forecasts house price growth of 4-6% next year

Halifax has forecast that house prices will grow by 4-6 per cent in 2016, as the increasing difficulty in getting on the housing ladder and the prospect of a rate rise begin to put the brakes the market. In 2015, activity levels have remained modest by historical standard, the lender says. A continuing shortage of […]


News and expert analysis straight to your inbox

Sign up