Latest investment mis-selling scandal lands HSBC with £149M bill

picture of the big four banks
Banking & Financial Services Litigation Solicitors

Following the impressive third quarter result from banking giant HSBC, it was announced that the Bank have made further provision of £92 Million to compensate customers mis-sold PPI and £83 Million to for firms mis-sold interest rate swap hedging products.

Interestingly, HSBC has set out £149 Million to pay out to an approximate 200,000 customers mis-sold investments by the Bank.

Until recently, the Bank employed salesmen to market its “tied” products. It is believed that investments relate to a review carried out by the now defunct Financial Services Authority (now FCA) which uncovered widespread evidence of poor investment advice. The review found that salespeople at high street banks were advising customer to enter into unsuitable or risky investments in over 1 in 4 cases.

Josiah Hincks Solicitors are specialists in financial services litigation and can advise you whether you have been mis-sold investments and how to claim back from the advisor.

We are currently pursuing cases against Independent Financial Advisors and all of the High Street Banks for mis-selling financial products.

The law on Financial Services is complicated and knowledge of the FSA Handbook and the relevant sourcebooks and guidances is imperative. Many solicitors simply do not have the expertise or knowledge to deal with such claims. Josiah Hincks Solicitors are currently dealing with banking & financial services claims worth in excess of £50M. We can assist with everything from formulating a proper complaint against the advisory firm, dealing with the Financial Services Compensation Scheme or the Financial Ombudsman, to dealing with High Court proceedings.

For free initial advice, contact Steven Mather on 01530 835 041.



Author: Steven Mather
Steven is a Partner of Josiah Hincks and specialises in commercial litigation