ASIC deputy chair Sarah Court says significant penalties will be sought against HSBC. Video by AAP
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00:00As you will have seen, ASIC is today suing HSBC Australia for failing to protect hundreds of its
00:07customers who were scammed out of millions of dollars across a lengthy period. We are aware
00:13that some HSBC customers lost significant amounts to these scams, reportedly including
00:20their life savings. Other customers we are aware of lost more than $90,000.
00:26Our case alleges multiple failures by HSBC Australia, a member of one of the largest
00:33banking and financial institutions in the world. This is the first case of this kind taken by ASIC.
00:42We allege HSBC Australia's failings were widespread and systemic
00:47and that the bank failed to adequately protect its customers.
00:55you