HSBC Fined for Mis-selling to the Elderly

HSBC faced Britain's largest banking fine for mis-selling investment products to elderly customers, with an average age of 83, who needed funds for long-term care. The products were unsuitable as they matured after five years. HSBC's CEO apologized, acknowledging the breach of their values. The mis-selling was conducted by NHF, a company acquired by HSBC, which operated independently until 2010. The issue was identified in 2009, leading to an FSA investigation. HSBC committed to compensating affected customers. The case highlights the need for better regulatory prevention and consumer caution.

What was the average age of the customers affected by the HSBC mis-selling scandal?

• 70

• 90

• 83

• 65

What was the primary issue with the investment products sold to elderly customers?

• They were too expensive.

• They matured too late.

• They were not regulated.

• They were not profitable.

Which company was responsible for the mis-selling of investment products to elderly customers?

• FSA

• NHF

• Lloyds

• HSBC

When did HSBC first notice the issues with NHF's sales practices?

• 2005

• 2010

• 2007

• 2009

What advice is given to customers to avoid similar financial issues in the future?

• Seek advice from independent sources.

• Invest only in banks.

• Trust financial institutions completely.

• Avoid long-term investments.