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Banking giant HSBC hit with $35m penalty over systemic scam protection failures

Editor
24 Jun, 2026
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Warwick Ponder
Editor
24 Jun, 2026
Add us as a preferred source on Google
The Federal Court says failures by the Australian arm of London-based banking giant HSBC to protect scam victims were serious and systemic, imposing a $35 million penalty in one of the strongest regulatory actions yet against an Australian bank over scam-related misconduct.
Banking giant HSBC hit with $35m penalty over systemic scam protection failures
ASIC Chair, Sarah Court and HSBC Chief Executive Officer, Australia & New Zealand, Steve Hughes.

The Federal Court says failures by the Australian arm of London-based banking giant HSBC to protect scam victims were serious and systemic, imposing a $35 million penalty in one of the strongest regulatory actions yet against an Australian bank over scam-related misconduct.

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