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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.”

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