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HSBC will compensate pre-2005 NHFA clients

HSBC will now look at misselling complaints from clients of Nursing Home Fees Agency in cases as early as 1991.

On Monday, the FSA issued the largest ever retail fine of £10.5m against HSBC because of inappropriate investment advice provided by NHFA to 2,485 customers between 2005 and 2010. It agreed to compensate clients during this period with an expected bill of £29.5m.

However, the bank will now look at client complaints from before it bought NHFA in 2005 on a case-by-case basis.

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 that this issue is entirely resolved. I am profoundly sorry for what happened at NHFA and it is only right and proper that we stand fully behind these customers.”

Yesterday, it emerged that Age UK has pledged to return any commissions it received from referring members to NHFA.

HSBC has already begun writing to customers of NHFA from April 2004 to date, any customers from before that date should email NHFA@hsbc.com or write to NHFA, HSBC Bank Plc, PO Box 1888, Coventry, CV3 9WN.

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