finepenalty
For using a method leading to underestimating the credit risk on certain loans, "the European Central Bank (ECB) has imposed two administrative penalties totalling €3.54 million on Confédération Nationale du Crédit Mutuel", said the ECB in a statement on Thursday. According to the ECB, which oversees 113 significant banks in Europe, Crédit Mutuel did not apply certain requirements, so-called "floors", set by the central bank's rulebook when the lender calculated the risk of certain loan portfolios, using its internal models, between May 2021 and April 2022. HSBC hit with £57 million fine for n...
Euronews (English)
France’s competition regulator hit Google on Wednesday with a new €250 million fine tied to a long-running dispute over payments to French publishers for their news. The regulator said in a statement that it had issued the penalty because the tech giant had failed to meet certain commitments made in June 2022 “aimed at creating the conditions for balanced negotiations between publishers, press agencies and digital platforms”. The companies involved are parent company Alphabet Inc, Google LLC, Google Ireland Ltd, and Google France. One of the elements retained by the regulator is the use by Goo...
Euronews (English)
In the UK, 4 out of 10 large businesses face hefty fines for greenwashing in 2024, as a major toughening up of consumer protection law from the Competitions and Markets Authority (CMA) and the EU comes into force. According to a new analysis of sustainability by the communication platform Compare Ethics, businesses are not mitigating the real risk yet, which includes a fast-changing environment in which every sustainable claim has to be thoroughly verified by them, among others. With the changing regulations across the UK, and EU, "it's no longer just as simple as thinking about a tick box fro...
Euronews (English)
HSBC was served with a massive £57 million fine on Tuesday by the Bank of England’s Prudential Regulation Authority (PRA), due to the bank failing to do enough to protect customer deposits. The PRA said HSBC did not correctly recognise which deposits fell under the Financial Services Compensation Scheme (FSCS) between 2015 and 2022. This scheme entitles customers to have up to £85,000 of their deposits protected. About 99% of eligible customers were wrongly classified as ineligible for the purposes of the scheme. Not only this, but once the problem was identified, HSBC did also not swiftly inf...
Euronews (English)
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