HSBC, which closed NHFA
to new business in July, was fined pounds 10.
We advised the FSA of our findings and closed NHFA
to new business.
HSBC chief executive Brian Robertson said: "I fully accept that NHFA
failed to give suitable financial advice to some of their customers.
She said: "HSBC, who owned NHFA
, has now recognised the issues and taken steps to do the right thing.
sold investment bonds through their families or representatives in the majority of cases.
The investigation dealt with one of the banks subsidiaries, NHFA
, which specialised in long-term finance for those in care.
Through the Web, IDS will be connected not only to its 27 local chapters around the United States but to NHFA
and its 12,000 retail store members.
Western Home Furnishings Association (WHFA), the west coast affiliate of NHFA
, has a growing membership base of over 1,000 independent home furnishings retailers representing more than 2,400 stores throughout 12 western states.
As per the program, manufacturers will be guaranteed payment in a designated timeframe with extended repayment terms or "early-pay" discount options offered to NHFA
5m to HSBC, after NHFA
"inappropriately" advised 2,485 customers to invest in "unsuitable" investment bonds between 2005 and 2010.
The nearly GBP285m in investments, advised for purchase by HSBC subsidiary, NHFA
Limited, typically had a five-year investment period and were sold to customers whose life expectancy was less than the investment period.
Retailer Resource Center (IHFC Main, 12th floor), is the site of many pertinent seminars throughout the week.