The Zhitong Finance App learned that HSBC Holdings (HSBC.US) was fined £6.3 million (US$8 million) for failing to provide fair care to more than 1.5 million financially troubled British customers. This fine increased the £185 million compensation already paid by the bank.

HSBC was fined by the UK Financial Conduct Authority (FCA) for failing to treat customers fairly for more than a year until October 2018. The FCA said on Thursday that some of the measures offered to retail customers with mortgages, loans and credit cards were inappropriate or disproportionate.

“People must be able to trust that when they're in financial trouble, lenders will treat them fairly. By failing to do this, HSBC puts 1.5 million people at greater risk of financial losses,” said Therese Chambers, the regulator's co-executive director of enforcement and market surveillance.

Chambers said the bank has discovered the issue and notified the FCA to be eligible for a 30% discount on the fine amount. The regulator said the bank had invested £94 million to rectify its mistakes.

HSBC said, “We're sorry that between 2017 and 2018, some customers in arrears didn't get the service they expected from us. We reported these issues to the FCA at the time and have fully remediated affected customers.”

Recently, the FCA warned businesses that they would face draconian action if they don't comply with new consumer liability rules, thereby pushing for greater consumer protection. The new “fence” will require businesses to ensure that their actions are in the interests of retail customers. The shift comes after regulators were criticized for their inaction in the mini-bond scandal, which cost customers more than $300 million in investment losses.