What's happened
HSBC fined for failing to comply with deposit protection rules between 2015 and 2022
Why it matters
The fine reflects the seriousness of the failings and the bank's lack of readiness for a crisis, impacting customer trust and regulatory compliance.
What the papers say
The Independent emphasizes HSBC's failure to properly protect customer deposits, while The Times highlights the seriousness of the failings and the impact on the bank's readiness for a crisis. AP News and BBC News provide similar coverage, focusing on the fine and the bank's failure to accurately identify eligible deposits for protection.
How we got here
HSBC's fine comes after a period of failings between 2015 and 2022, impacting its compliance with deposit protection rules.
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Sam Woods is a New Zealand-born British civil servant. In July 2016, he became the deputy governor of the Bank of England, and head of the Prudential Regulation Authority, which oversees the UK banking and insurance sectors.
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A bank is a financial institution that accepts deposits from the public and creates a demand deposit, while simultaneously making loans. Lending activities can be performed either directly or indirectly through capital markets.
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northÂwestern coast of the European mainland.