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HSBC sets aside £93m over 200,000 potential mis-sold investments
by David Campbell on Nov 05, 2013 at 09:34
HSBC has put aside £93 million to review sales processes following a probe which suggested that around 200,000 customers may have been mis-sold investments between 2008 and 2012.
The number was suggested by the Financial Conduct Authority following a mystery shopping exercise into investment sales by staff at high street branches of HSBC.
HSBC told the Guardian that the compensation figure was unlikely to be high because strongly rising markets meant that many investors still profited, even if they were sold inappropriate products.
The FCA’s finding followed a £1.8 million fine it levied against AXA Wealth in September over potential mis-selling of equity Isas.
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