Category: PRA UK

HSBC launches crypto custody services for tokenized securitiesU
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January 30, 2024

UK Prudential Regulation Authority (PRA) fines HSBC £57,417,500 for failures in deposit protection!

The UK PRA has imposed a substantial fine of £57.4 million on the banking giant HSBC for its failure to correctly log accounts eligible for compensation under the Financial Services Compensation Scheme (FSCS). This error, which persisted from 2015 to 2022, resulted in up to 99% of accounts that should have been eligible for up to £85,000 in compensation - in the event of the bank's failure - being mistakenly marked as ineligible for FSCS protection.
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FCA apologizes for mistakes in the supervision of collapsed Premier FXU
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December 20, 2022

UK Regulators Fined TWB Bank More Than £48 Million For Risk Management & Governance Failures.

The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have fined TSB Bank a total of £48,650,000 for operational risk management and governance failures. Technical failures in the bank’s IT system ultimately resulted in customers being unable to access banking services. TSB was fined £29,750,000 by the FCA and £18,900,000 by the PRA. TSB agreed to resolve this matter with the FCA and PRA qualifying it for a 30% discount in the overall penalty.
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