0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

HSBC makes remediation payments to customers in arrears 

Some HSBC customers will be receiving remediation payments due to historic issues in customer service, which included poorly worded letters.

Share on LinkedInShare on TwittereCard

After an internal review of its policies, HSBC discovered certain areas for improvement in the handling of some arrears cases. A HSBC spokesperson confirmed that previous issues in customer service included poorly worded and disengaging letters.

 

After deciding on a remediation exercise, HSBC has been sending payments to a small proportion of customers who were previously in financial difficulty and may not have received a good experience.

 

HSBC wasn’t able to provide a number on how many customers are being contacted, but those who are due to receive a payment will do so by the end of Q1 2021. The cheques will be for between £25 and £100.

 

A HSBC UK spokesperson said: “We always strive to do the right thing by our customers. Regrettably, some historic cases where customers were in arrears at times fell short of this commitment. We are taking action to put that right and remediate customers who may have been impacted.”

 

Last summer, HSBC’s results revealed that its collections and recoveries operations were under an FCA investigation, though that is not related to this remediation exercise.

Share on LinkedInShare on TwittereCard
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

KPMG to sell its UK restructuring practice

KPMG to sell its UK restructuring practice

Budget 2021: Firms welcome war chest to tackle furlough fraud

Budget 2021: Firms welcome war chest to tackle furlough fraud

SMEs offered flexibility to extend bounce back loans to 10 years

SMEs offered flexibility to extend bounce back loans to 10 years

Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group