View more on these topics

HSBC looks at redress from before it bought LTC misseller

HSBC will look to compensate victims of misselling in its subsidiary Nursing Home Fees Agency in cases as early as 1991 – 14 years before it bought the firm.

Last week, the FSA issued the biggest-ever ever retail fine of £10.5m against HSBC over inappropriate investment advice by NHFA to 2,485 clients between 2005 and 2010. HSBC agreed to compensate these clients, which is expected to cost £29.5m.

But the bank, which bought NHFA in 2005, says it will also consider client complaints dating back to NHFA’s launch in 1991 on a case by case basis.

Age UK has pledged to return any commission it received for referring members to NHFA.

HSBC chief executive Brian Robertson says: “We will take responsibility for all NHFA customers, including those from before HSBC bought the company in 2005, to ensure this issue is entirely resolved. I am profoundly sorry for what happened at NHFA.”

Recommended

Vinculum registers five funds

Former chief executive of Liontrust Nigel Legge’s new firm Vinculum has five equities funds registered. Former chief executive of Liontrust Nigel Legge’s new firm Vinculum has five equities funds registered. The new asset manager, which launched, had planned to start with a global equity launch. However, the asset manager has Asian ex-Japan, European, Japanese and […]

FSA bans landbanking firm and orders £200k redress

The FSA has banned landbanking firm Cityshore Commodities from selling land in the UK and ordered the company and its director to make an interim £200,000 repayment through the FSA to its victims. The regulator secured a summary judgment in the High Court against Cityshore and its director Aaron Walker on December 9. Earlier this […]

3

BDO warning that transaction tax could be forced on all states

BDO has warned that the European Commission could force the financial transaction tax on all member states, including the UK, by changing it from a tax to a charge. BDO partner and head of financial services Tim Kirk says member states would not be able to veto the FTT if it is positioned as a […]

Novia poaches head of operations from Skandia International

Novia has appointed Sally Stephens as head of operations. Stephens joins the wrap from Skandia International where she was head of operational strategy. Prior to this role she was head of life and pensions at Vertex. She will report to chief operating officer Paul Parry.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment