Monday, 5 December 2011


On the 6th of November the LORD spoke of HSBC bank. [1]Now the news is that HSBC faces 40 billion bill for mis-selling to elderly in care.

HSBC has been fined £10.5m by the City watchdog for mis-selling investment bonds to elderly people in care.
Some 2,485 customers of the bank's subsidiary NHFA were advised to invest, in order to fund care costs.
Unsuitable sales of this product were made to 87% of NHFA customers, prompting the largest retail fine to date from the Financial Services Authority (FSA).
HSBC will pay £29.3m compensation and said it was "profoundly sorry".
Sorry isn't good enough. Every person involved in this travesty should be brought to caught for criminal negligence and serve a prison sentence. Perhaps when financial advisors go to prison for what they have done, the corruption in the industry will stop. 
Each person that has suffered at the hands of HSBC should also be able to claim damages against the bank and its bankers. Its financial advisors also being held accountable. 
A fine is not enough, the justice system must go a lot further to ensure that this never happens again to people that are vulnerable and powerless against the banking system. 


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