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HSBC to take responsibility for all NHFA customers

Posted on 08 Dec 2011

HSBC is today announcing that it will take responsibility for all NHFA customers - including those from before HSBC bought the company in 2005 - to ensure that customers are put at ease regarding possible poor investment advice they may have been given by NHFA advisors. 

HSBC has already begun the process of writing to all NHFA customers from April 2004 to date.  These customers should receive letters during the coming weeks advising them of the closure of the company.  In addition, the letters will inform customers whether they have been identified as being part of the 2,485 individuals who may have been mis-sold investment bonds. 

In all cases where inappropriate advice has been given by NHFA, HSBC will ensure that no-one is financially disadvantaged.

Commenting, Brian Robertson, Chief Executive of HSBC Bank plc, said:

"We will take responsibility for all NHFA customers - including those from before HSBC bought the company in 2005 - to ensure that this issue is entirely resolved.  I am profoundly sorry about what happened at NHFA and it is only right and proper that we stand fully behind these customers.

"Many customers will be rightly concerned that they, or indeed their relatives, might not have received appropriate advice from NHFA, so we will certainly look at each complaint individually and sympathetically."

What should customers do now?

Customers of NHFA from April 2004 do not need to do anything.  They will be contacted during the coming weeks to explain what will happen next.

Any customers of NHFA from before April 2004 who wish to complain should either email (NHFA@hsbc.com) or write to the following address, giving as much detail as possible about the customer in question.

NHFA
HSBC Bank Plc
PO BOX 1888
Coventry
CV3 9WN

Ends.

Press Office Contacts:

Mark Hemingway
0207 991 0652
mark.hemingway@hsbc.com

James Thorpe
0207 992 1433
jamesthorpe@hsbc.com

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Commenting on the £10.5 million fine, Brian Robertson, Chief Executive of HSBC Bank plc, said: "I fully accept that NHFA failed to give suitable financial advice to some of their customers.  This should not have happened and I am profoundly sorry that it did. "We have high values here at HSBC and this runs contrary to everything that we stand for.


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