HSBC sets aside £830m for UK customer redress

HSBC has put aside $1.3bn (£830m) in UK customer redress provisions and $700m (£450m) relating to US regulatory and legal issues as it reports $12.7bn in interim pre-tax profit.

The bank has come in for heavy criticism in the US and Mexico over lapses in relation to money laundering rules, and was fined $27.5m by Mexican authorities last week. Separate regulatory action in the UK last month, meanwhile, saw HSBC and its peers agree a settlement with the FSA to provide redress to customers mis-sold interest rate swaps. HSBC also announced in its results that it has been named as a defendant in private US lawsuits relating to the setting of LIBOR and EURIBOR. The bank said it is co-operating with global regulators in their investigations into alleged rate-rig...