PRA Fines HDI Global SE £4.165 Million for Inaccurate Reporting of FSCS Liabilities

The Prudential Regulation Authority (PRA) has imposed a financial penalty of £4,165,000 on HDI Global SE. The fine is due to the submission of incorrect data to the PRA on multiple occasions between August 2021 and August 2024, including errors in remediation submissions. The inaccuracies related to Financial Services Compensation Scheme (FSCS) Liabilities and FSCS Fee Tariff data, which could hinder the PRA's risk identification and lead to underpayment of levies to the FSCS. The PRA stated that the errors stemmed from HDI Global SE's failure to apply due skill, care, and diligence in data calculation, lacking effective written processes and clear accountability.