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 ClarkeSamantha is a former banking assistant and has over ten years experience in retail banking.
Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated
claims management activities; our registration is recorded on the website www.claimsregulation.gov.uk/search.aspx
Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233,
whose head office and registered office is at Suite 2, Unit 25, The Coda Centre,
Munster Road, London, SW6 6AW. VAT Registration number 945 3375 06.
Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023
and holds a Credit Consumer License issued by the Office of Fair Trading license
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