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HSBC profits hit – Chief blames regulatory crackdown

That’s right, it’s not a joke! HSBC chairman, Douglas Flint, says the bank and it’s staff are suffering from fatigue in trying to comply with tougher rules and regulations that are aimed at protecting customers. Now let’s all feel sorry for the banks shall we?!!

 

Mis-selling scandals

Mr Flint claims that slumping HSBC profits, who also own HFC and First Direct, are down to an ever increasing compensation bill for scandals such as the mis-selling of Payment Protection Insurance, and the recent increase in complaints regarding Packaged Bank Accounts.

Should we feel sorry for HSBC?

The illegal practises that generated billions in profits for the banks have been uncovered, and Mr Flint and his cronies have the sheer audacity to bemoan the fact that it’s costing time and money to try and put things right, and to adhere to new rules to try and avoid a future recurrence.

Should we feel sorry for HSBC?

 

Staff having to work overtime

Mr Flint has stated that his sales staff are nervous regarding selling products to it’s customers for fear of falling foul of tougher regulations. He even states some staff are having to work weekends.

Would these be the same staff who were systematically mis-selling PPI, packaged bank accounts and numerous other products in exchange for big bonuses?

Should we feel sorry for HSBC?

Were these the same staff who were happy to work every hour possible because of the huge rewards gained at the expense of their customers?

Should we feel sorry for HSBC?

 

Unfortunately, due to poor regulation even now, banks and lenders will never have to fully compensate the nation in the way it should. They still operate various tactics in an attempt to avoid paying out the compensation they should. They still reject valid complaints brought to them by members of the public who were innocently conned out of their hard earned money.

Should we feel sorry for HSBC?

 

Get what’s rightfully yours

Your Money Claim put right what the banks have done wrong. We’re used to beating the banks, we do it every day. If you’ve been mis-sold PPI, if you’ve been mis-sold a Packaged Bank Account, we’ll get you the compensation you deserve.

If you’re unsure whether you’ve had PPI, we’ll do the checks. We’ll deal with the banks every step of the way.

Put your claim with the experts, and together we can make HSBC pay for the errors of their ways.

Should we feel sorry for HSBC?

 

Simple answer really…..NO

HSBC profits hit

HSBC profits hit

About the author

Daniel Lee

Company Director

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