Compliance team actions led to 50% cut in HSBC's TCF fine

A £6.3 million fine levied on HSBC was halved from £12.6m after compliance officers found poor practice across the lending product range and reported it "promptly" to the FCA.

By Neasa MacErlean

The penalty reduction also reflects steps the bank took towards remediation as well as its full co-operation with the regulator. This is despite the fact that 1.5 million borrowers "suffered, or were at risk of suffering detriment".