Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Bank charges: HSBC make profits despite money-laundering

HSBC says it made profits last year, in spite of it incurring fines for money-laundering.

This was revealed in the bank’s Annual Report and Accounts for 2012.

HSBC was fined £1.2 billion by US regulators when it was found guilty of money laundering, which was suspected to help Mexican drug cartels and nations such as Iran.

In the UK, the bank had to set aside £1.5 billion for customer claims against mis-sold payment protection insurance (PPI).

Despite these charges, the bank was able to report profits. However, its profit before tax fell by six per cent to £13.7 billion and its revenue fell by five per cent to £45.4 billion compared to the previous year. Its underlying profit before tax rose by 18 per cent to £10.9 billion.

In his statement within the report, HSBC group chairman Douglas Jardine Flint said that the bank would improve controls and governance according to suggestions from regulators.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801550486-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide