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HSBC faces a £57.4 million ($73 million) fine from the Bank of England for "serious failings" in safeguarding certain customer deposits. The bank inaccurately identified deposits eligible for the Financial Services Compensation Scheme (FSCS), breaching rules to ensure proper compensation in case of a firm's failure.
HSBC Asset Management (HSBC AM) has launched the second vintage of its senior UK direct lending strategy, with over $580m (£465m) in client commitments received to date.
The transaction, which excludes the assets and liabilities of SVB U.K.'s parent company, will protect the deposits of SVB U.K. clients, the U.K. Treasury said.