Scams lawsuit sends a message to Australia's banks

ASIC deputy chair Sarah Court says significant penalties will be sought against HSBC. Video by AAP

Transcript

00:00As you will have seen, ASIC is today suing HSBC Australia for failing to protect hundreds of its

00:07customers who were scammed out of millions of dollars across a lengthy period. We are aware

00:13that some HSBC customers lost significant amounts to these scams, reportedly including

00:20their life savings. Other customers we are aware of lost more than $90,000.

00:26Our case alleges multiple failures by HSBC Australia, a member of one of the largest

00:33banking and financial institutions in the world. This is the first case of this kind taken by ASIC.

00:42We allege HSBC Australia's failings were widespread and systemic

00:47and that the bank failed to adequately protect its customers.

00:55you