HSBC has been fined £6.2 million by the Financial Conduct Authority (FCA) for not providing adequate support to customers facing financial hardship. In simpler terms, the FCA found that HSBC didn't fully consider a customer's situation when they missed a payment.

This happened between June 2017 and October 2018. The FCA highlighted that HSBC's approach, in some cases, may not have been the most helpful. This could have potentially made things more difficult for some customers who were already struggling financially.

The FCA estimates that around 1.5 million HSBC customers might have been unintentionally put at risk due to these practices.

However, it's important to note that HSBC has acknowledged these shortcomings and has taken steps to make things right. They've invested £94 million to identify and address the issue, and have also provided £185 million in compensation to over 1.5 million customers. The FCA recognised these efforts when determining the final fine amount.

This case serves as a reminder for all financial institutions to prioritise supporting customers who are facing financial difficulties. When people are going through a tough time, responsible lenders should work with them to find solutions, not create additional challenges.

Interested in reading more?  You can find the original BBC News article here.