Regulation

Back to HSBC Commercial Banking, UK Financial Institutions

UK Ring-fencing

The UK government has put new rules in place to protect the economy and taxpayers.

This means we have separated our retail banking operations from any wholesale and investment divisions and changed the way we are structured in the UK - creating a new ring-fenced bank, HSBC UK Bank plc. Non-Bank Financial Institutions (NBFIs) remained in HSBC Bank plc and were not transferred into the ring-fenced bank.

All HSBC customers will continue to benefit from the knowledge, experience and financial strength that HSBC has gained through more than 150 years in banking.

If you would like to know any further information, please visit: UK Ring-Fencing.

* Please note that due to legislative requirements, some smaller Non-Bank Financial Institutions may be required to be banked in HSBC UK Bank plc (i.e. within the ring-fenced bank). If you have any queries please speak to a member of the team via the contact us section.”

Financial Services Compensation Scheme (FSCS)

Your eligible deposits held by a UK establishment of HSBC Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme (“FSCS”), the UK's deposit guarantee scheme.

This limit is applied to the total of any eligible deposits you have with HSBC Bank plc, including its trading name: HSBC. Any deposits you hold above the limit are unlikely to be covered. Please visit www.fscs.org.uk or ask for further information.

Financial Services Compensation Scheme Information Sheet (PDF)

FSCS Online Leaflet (PDF, 869KB )

General Data Protection Regulation (GDPR)

GDPR will deal with the huge increase in customer data that is now generated from social media and online activity. Whether you’re subscribing to a newsletter, or investigating new investment opportunities for your business, the new laws will provide you with more transparency and stronger rights regarding personal data.

At HSBC we have always taken data privacy very seriously and we believe the introduction of the GDPR is really positive - giving individuals more control over how organisations use and manage their data.

What does this mean?

GDPR provides individuals with more transparency regarding their personal data. It strengthens their rights, giving improved access to their data and the right to review and, in certain circumstances, edit or delete the information that organisations store about them.

What does this mean for HSBC?

GDPR won't change the way we use your information, and information about individuals connected to your business.

We'll continue to value the data you share with us, treating it with respect and keeping it secure at all times. Where appropriate, we'll continue to contact you about services that may benefit you, unless you've asked us not to.

So whilst the laws might be changing, our commitment to looking after your data stays the same.

Open Banking

The Competition and Markets Authority's initiative, Open Banking, went live in early 2018.

Open Banking is a new and secure digital platform to make it easier for you to share your account information securely with organisations - including other banks and third parties - who are registered with the Financial Conduct Authority (FCA) or relevant authorities in other countries (Authorised). This makes it possible for you to easily access a wider range of online services and compare banking products.

By accessing your account information, those third parties may offer you financial products that could suit your specific business needs.

To find out more, please visit Open Banking.

Payment Services Directive II (PSD2)

Adopted in 2007 and implemented in 2009, the Payment Services Directive (PSD1) aimed to create a single market for payments in the European Union, as well as provide a foundation for the Single Euro Payments Area (SEPA). Its main objective was to make cross-border payments as easy, inexpensive and secure as domestic payments.

However, as the digital economy developed, new services began to appear – services that lay outside of the scope of PSD1.

With the arrival of PSD2, these new services and their providers will be registered, licensed and regulated, increasing competition, providing more choices for customers, and encouraging lower prices for payments.

PSD2 was transposed into national law by member states on the 13th of January 2018.

For more information please visit: PSD2

Confirmation of Payee

Confirmation of Payee is a new service that helps protect against scams and mistaken payments, by checking the name of a payee against the name held by the payee’s bank.

To find out more, please visit Confirmation of Payee.

HSBC Fraud Guide

To find out more, please visit Fraud Guide.

Need help?

We're here to support you and your business open up a world of opportunity. Get in touch.