PRA Penalizes HDI Global SE £4.165 Million for Data Reporting Failures

The Prudential Regulation Authority (PRA) has fined HDI Global SE over £4 million for repeatedly submitting inaccurate data regarding Financial Services Compensation Scheme (FSCS) liabilities and fee tariffs. These errors, occurring between 2021 and 2024, could have hampered the PRA's ability to identify significant risks and potentially led to underpayments to the FSCS. The firm's lack of proper processes and oversight was cited as the cause, though a 30% penalty reduction was granted for cooperation.