UK fines HSBC bank for not going far enough to protect deposits in case it collapsed

LONDON (AP) — UK regulators say HSBC has been fined $72.8 million for failing to adequately protect customer deposits in the event the bank collapsed. The Prudential Regulation Authority said Tuesday that two units of London-based HSBC Holdings Plc violated rules designed to ensure regulators have the information they need to protect depositors when banks fail. The penalty is the second-biggest ever imposed by the agency, behind only one levied against Credit Suisse last July following the Swiss bank’s near-collapse and emergency takeover by rival UBS. The bank cooperated with the investigation and said it was “pleased” to resolve the matter.