Simple Scissors

HSBC

Bank Type
< GO BACK TO RESULTS

SWITCH SCORE

Question Mark

HOW DO WE GET THIS SCORE?

OVERALL SCORE
18/100
FINANCIAL SERVICES COMPENSATION Financial Services Compensation Scheme: This scheme protects deposits up to £85,000 in each financial institution. All UK-regulated current and savings accounts are covered by the scheme. Some of the banks on the Move Your Money Switching Scorecard are covered by similar schemes in other European countries
GOOD
SWITCH SCORE
HONESTY
CUSTOMER SERVICE
CULTURE
IMPACT ON ECONOMY
ETHICS
TOTAL
0
35
13
15
25
18
SWITCH SCORE
HONESTY
0
CUSTOMER SERVICE
35
CULTURE
13
IMPACT ON ECONOMY
15
ETHICS
25
TOTAL
18

One of the big 5 banks in the UK, and second largest bank in the world, HSBC also holds the current record for the largest ever fine levied against a single bank.

In December 2012 HSBC was fined $1.9 billion for knowingly laundering money for drug cartels and terrorist groups, as well as contravening economic sanctions with rogue states. Aside from this staggering fine, in 2012 HSBC also set aside more than $1.6 billion for legal and regulatory proceedings, and almost $2.4 billion to compensate its customers for mis-sold products and other bad behaviour. With PPI payouts continuing and the bank still fighting numerous lawsuits, these mind-boggling figures are only likely to grow.

The bank scores absolutely no points for honesty, as well as scoring zero on customer complaints and mis-selling PPI. Yet despite huge punishments for catastrophic failures, HSBC continues to pay seven-figure directors salaries and huge bonuses, which also harmed its score on the Move Your Money Switching Scorecard.

HSBC is also one of the world’s biggest investors in illegal deforestation and tar sands extraction. Coupled with heavy investment in a number of repressive regimes and big arms companies, HSBC’s ethics are seriously questionable.

With poor scores across the board, HSBC gets an 12% Switch Score.

Move Your Money now and join the movement for better banking.

SWITCH NOW
  • independentthought

    what about First Direct, what exactly is their link with HSBC?