Can banks get any lower?

[David Johnson]

And here is a Scrooge story in the run-up to Xmas.

I give you HSBC for Scrooge of the Year.

HSBC has been fined ?10.5m by the City watchdog for mis-selling investment bonds to elderly people in care. The investments were sold between 2005 and 2010, to people with an average age of 83 who were already in care, or entering long-term care. They each invested an average of ?115,000, and many were reliant on these investments to pay for their care.

And would you believe it but the investments weren't as good as they sounded!!!!!

Yet another case of the FSA bolting the stable door after the horses are long gone.

http://www.bbc.co.uk/news/business-16030451

Cheers
D

[Robches]

A whole ?10.5 million! Who's running the FSA, Doctor Evil? This will shake HSBC to its core, and surely prevent any future scandal.

[David Johnson]

Quite! I suspect HSBC customers' bank charges may be going up a very small amount to pay the fine.

Cheers
D