"HSBC was today handed a record penalty for consumer finance mis-selling after the City regulator found it had ripped off elderly people in care homes by almost £30 million.
The Financial Services Authority fined the banking group £10.5 million and expects it to pay £29.3 million in compensation.
Tracey McDermott, acting director of enforcement and financial crime at the FSA, said that the HSBC offshoot, Nursing Home Fees Agency, had breached the trust of vulnerable and elderly customers by selling them unsuitable products."
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