HSBC to refund £4m of “unreasonable” fees after lengthy whistleblower battle

A pricey 16.4% ‘debt collection charge’ levied between 2003 and 2009 by two HSBC-owned companies, has at length led to a £4 million redress scheme. This follows a campaign by whistleblower Nicholas Wilson that has wended through the Solicitors Regulation Authority, Office of Fair Trading, Financial Services Authority, the Treasury Select Committee and the Office of the Complaints Commissioner before this step by the Financial Conduct Authority.