HSBC Extends Debt Collection Fee Redress Scheme

Law360, London (July 11, 2019, 5:20 PM BST) -- HSBC has voluntarily agreed to extend its compensation scheme to victims of historic “unreasonable” debt collection practices imposed on them by its subsidiaries, the Financial Conduct Authority announced Thursday.  

The City watchdog said Britain’s largest bank is set to extend its redress scheme and that more than 18,000 customers may be due money after they were charged unnecessarily high debt collection fees by HFC Bank Ltd. and John Lewis Financial Services Ltd., both now part of HSBC Bank, between 2003 and 2009.

Between those dates customers that fell into arrears were then referred to solicitors who added 16.4% of the...

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