How much

None

Why

FSA audit – probably as a result of other group breaches

Regulator

FSA

Regulatory action

Monetary penalty – £700,000

Reason for action

• Ignored specific and repeated compliance recommendations.
• Inadequate risk assessment
• Weak controls

When

17 July 2009

Links

Press release on the FSA website

View PDF of the HSBC Insurance Brokers Final Notice (via FSA website)

View PDF of the HSBC Insurance Brokers Final Notice (Breachwatch archive)