HSBC pays out £27.8m over money-laundering claims

HSBC has been ordered to pay a record 40m Swiss francs (£27.8m) and been given a final warning by the Geneva authorities for “organisational deficiencies” which allowed money laundering to take place in the bank’s Swiss subsidiary.

Current accounts are costly and confusing, says competition Watchdog as it launches enquiry into the big banks

Complicated overdraft charges make it almost impossible for bank customers to choose the cheapest or most appropriate account for them.As a result banks may not be bothering to compete with each other, leading to higher overdraft charges for all.