Regulator penalizes insurer for repeated misreporting of Financial Services Compensation Scheme liabilities and fee data over three years.
The Prudential Regulation Authority has fined HDI Global SE £4,165,000 for submitting inaccurate Financial Services Compensation Scheme (FSCS) Liabilities and FSCS Fee Tariff data between August 2021 and August 2024. The errors included incorrect remediation data for previously misreported submissions, potentially hindering the PRA’s risk assessment and levy calculations.
The misreporting stemmed from HDI Global SE’s failure to apply due diligence in data calculation, including neglecting PRA Rulebook guidance and lacking effective internal processes. The firm had no reliable written procedures or clear accountability for ensuring accurate submissions, leading to persistent inaccuracies.
HDI Global SE has since implemented remediation measures to address the failures, though the PRA’s penalty reflects the severity and duration of the compliance breaches.