HSBC faces £40m bill for mis-selling to elderly in care

Regulatory failure or further evidence of a culture implicitly “endorsed” and underwritten by Government?

Och well, so long as they say “sorry”!

Unsuitable sales of this product were made to 87% of NHFA customers, prompting the largest retail fine to date from the Financial Services Authority (FSA).

HSBC will pay £29.3m compensation and said it was “profoundly sorry”.

via BBC News – HSBC faces £40m bill for mis-selling to elderly in care.

Enhanced by Zemanta

Beware Zombie’s in pinstripes!

What do we do when an organisation becomes so complex that it fails to perform the functions for which it was intended…when it is no longer “fit for purpose”?

Well, in nature, it dies and decays or is killed and eaten. This is as it should be in business!

But, as we now know, that isn’t always the case. We have current examples of institutional failure and collapse – but deemed “Too Big To Fail” – being artificially kept alive at escalating and unsustainable expense to you and me!!!. I am, of course, referring specifically to Banks and the Public Sector.

These “Zombie institutions” are as slow as the real deal but they don’t crave your flesh or change physical appearance until in the latter stages. Read more of this post