Emma RadmoreThe PRA has fined HDI Global SE, the UK branch of a global insurer, £4,165,000 for misreporting FSCS liabilities and errors in FSCS Fee Tariff data. The errors happened over a 3 year period to August 2024 and the PRA said stemmed from failure to apply due skill, care and diligence to ensure the data was correctly calculated. It said that before 2023 the firm did not check the PRA Rulebook to understand what liabilities the FSCS covers and how the fee tariff is calculated. Neither did it have processes to ensure calculations were done to a reliable standard. The firm has now implemented a remediation programme, has submitted corrected data and paid additional levies to remedy the previous errors.
The firm benefited from the PRA’s Early Account Scheme to get a 30% reduction in fine by producing detailed information and assisting the PRA’s investigation.