HSBC agrees to compensate for ‘deficient advice’ in deal with regulator

The Australian Securities and Investments Commission (Asic) has accepted an enforceable undertaking (EU) from HSBC Bank Australia (HSBC) that requires the UK bank to "review and remediate" investors who received potentially deficient advice on retail structured products between January 2009 and March 2013. Asic Deputy Chairman Peter Kell ( pictured ) said in a statement that one of the "fundamental obligations" of financial advisers is to ensure that financial products are "appropriate for the