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Have PPI claims damaged HSBC's reputation?

HSBC "isn't as pure as the driven snow", a leading financial services company has pointed out.

In an article in The Motley Fool, financial journalist Harvey Jones highlighted its involvement in the misselling of payment protection insurance (PPI) as evidence of this.

The bank has had to pay "huge sums in compensation" to people who have made PPI claims to it, he declared, with $1.3 billion (£805 million) set aside to deal with this issue.

Furthermore, the US Senate recently fined the company $1 billion as part of an investigation into money-laundering, while it was also implicated in the Libor rate-rigging scandal, the expert pointed out.

It has also been accused of interest rate swap misselling, the specialist declared.

"Well, it is a bank after all," he noted.

HSBC is headquartered in London and has become one of the world's largest financial services and banking organisations, with 7,200 offices in 80 nations.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801476329-ADNFCR

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