HSBC to pay back customers for ‘unreasonable’ debt collection

Europe’s largest bank is to contact customers to offer them redress after regulators identified ‘unreasonable’ debt collection practices.

The Financial Conduct Authority (FCA) said HSBC had offered to establish a £4m fund to repay 6,700 people hit with unfair legal charges after they fell into arrears between 2003 and 2009.

The City watchdog said the costs were imposed by HSBC-owned HFC Bank and John Lewis Financial Services after customers were referred to the firms’ nominated solicitors.

Read on.

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