Business
HSBC fined £57m for ‘serious failings’ over customer deposit protection
HSBC has been fined £57m by the Bank of England’s financial stability arm for failing to protect customer deposits in the event of a banking collapse.
It is the second-highest fine imposed by the Bank’s Prudential Regulation Authority (PRA) and reflects the seriousness of the failings, the watchdog said. The highest fine was £87m, imposed on Credit Suisse last July.
HSBC – which shut down 12 of its branches in Wales last year – failed for many years to properly implement the requirements set out in the depositor protection rules, the PRA said. The failings occurred between 2015 and 2022. The fine was imposed on two UK subsidiaries of HSBC Holdings, which are deemed to have the “capacity to cause significant disruption to the UK financial system if they were to fail”.

The bank failed to accurately identify deposits that were eligible for Financial Services Compensation Scheme (FSCS) protection, which insures deposits if a bank collapses.
HSBC lacked “adequate systems and controls, and governance” necessary to enable FSCS to make prompt payments to depositors in the case of a banking collapse, the PRA said. It added that the failings had “materially undermined the firm’s readiness for resolution”.
The PRA said the bank failed to alert the regulator about problems identified in the incorrect marking of accounts as eligible for FSCS protection over 15 months.
HSBC also breached other rules that state that lenders must prepare for resolution with a minimum disruption of critical services in the event of a banking collapse.
Sam Woods, the PRA chief executive and deputy governor for prudential regulation at the Bank of England, said: “The serious failings in this case go to the heart of the PRA’s safety and soundness objective. It is vital that all banks comply fully with our requirements around preparedness for resolution.
“HSBC Bank plc fell far short of its obligations in this area, and failed to disclose its failings to us in a timely manner. These failures led to today’s action, including the significant fine.”
The bank cooperated with the regulator throughout the investigation and agreed to resolve the matter, which meant the fine was reduced; otherwise it would have been £96.5m.
The PRA said HSBC failed to assign a senior manager to the resolution processes required in the event of a banking failure. HSBC Bank plc, the non-ringfenced part, also incorrectly marked 99% of its eligible deposits as “ineligible” for FSCS protection.
HSBC said it was “pleased to have resolved this historic matter, which relates to the bank’s compliance with certain parts of the PRA’s depositor protection rules.
“The PRA’s final notice recognises the bank’s cooperation with the investigation, as well as our efforts to fully resolve these issues. We continue to remain focused on serving our customers.”
Business
Haverfordwest Creamery wins top honours at world’s largest cheese show
First Milk site secures four major trophies as co-operative celebrates 26 awards at International Cheese & Dairy Awards
FIRST MILK’S Haverfordwest Creamery has celebrated major success at this year’s International Cheese & Dairy Awards, after helping the farmer-owned co-operative secure 26 awards at the world’s largest cheese show.
First Milk won eight gold medals, 11 silver medals, one bronze medal and six major trophies at the prestigious awards, with cheese produced at Haverfordwest Creamery securing four of the competition’s top honours.
The Pembrokeshire creamery won the CHR Hansen Trophy for Champion Double Gloucester, the Tetra Pak Tebel Award for Best Extra Mature Creamery Block Cheddar, the ICDA Award for Best Medium Creamery Block Cheddar and the First Milk Past Masters Trophy.
The results underline the quality and consistency of the cheese produced at the Haverfordwest site, which continues to play a key role in First Milk’s award-winning cheesemaking operation.
Held annually, the International Cheese & Dairy Awards attracted its highest number of entries in several years, with many of the creamery cheddar classes receiving between 30 and 40 entries.
First Milk was recognised across a wide range of cheddar and regional cheese categories, including Double Gloucester, Red Leicester, Welsh cheese, vegetarian cheese and English creamery cheddar.
Jack Eade, Customer Quality Manager at First Milk, said the awards reflected the hard work of teams across the business.
He said: “These awards are incredibly hard won and reflect the dedication, expertise and passion of everyone involved in producing our cheese.
“To receive recognition across so many categories at one of the world’s most respected cheese competitions is something everyone at First Milk can be enormously proud of.
“While our grading team selects and prepares the entries, none of these achievements would be possible without the commitment of our farmer members producing exceptional quality milk, and the highly skilled teams at our creameries transforming it into consistently award-winning cheese.”
The latest success continues First Milk’s long-standing record at the International Cheese & Dairy Awards and reinforces Haverfordwest Creamery’s reputation as one of the leading producers of award-winning British cheese.
Photo caption:
Rod Addy, Director General of the Provision Trade Federation, with First Milk’s Matthew Hooper and Dawn Mason at the International Cheese & Dairy Awards
Business
Lamphey camping and glamping farm expansion approved
PLANS to expand facilities at a Pembrokeshire camping and glamping farm which hosts outdoor festivals have been given the go-ahead by Pembrokeshire County Council.
Dewslake Camping Limited, of Dewslake Farm, The Ridgeway, Lamphey, in an application through agent Argent Architects, sought permission for a change of use of the main barn at the farm to provide support facilities for camping and events.
The application was recommended for approval at the June 30 meeting of Pembrokeshire County Council’s planning committee.
A supporting statement accompanying the application said: “While remaining a working farm, camping, glamping and facilities for dining and refreshments are among the services provided. Outdoor festivals are held on the site periodically during the summer season.
“The main barn is centrally located within the farm and serves as overflow storage for the various activities and events offered at Dewslake. The campsite’s sanitary facilities are located in temporary structures at the perimeter of this building.
“The applicant wishes to expand the facilities offered on the site. The barn has the spatial capacity to accommodate a range of different events, both commercial and private. The idea is to bring in the operational capacity to service functions and events in the building and on the wider site, in the form of overflow catering, sanitary facilities and office and reception space.”

It says it is intended to create “a building that is inclusive, easy and enjoyable in use for all,” with wheelchair parking in the area currently occupied by the temporary facilities.
It says further expansions to Dewslake are also planned.
“The growing business model requires considerable on-site management and maintenance. The long-term plan is greatly invested in ecological enhancements and trades on this in the marketing approach taken in promoting the campsite.
“This approach requires a particular intensity in the management of the land, which when coupled with the day-to-day running of the campsite, increases the need for a round-the-clock management presence.
“The applicant is therefore intending to make a separate pre-application enquiry for the addition of a permanent farmhouse to serve this function.”
An officer report for planners said: “The proposal involves the comprehensive internal reconfiguration of the building and associated external alterations. The footprint of the existing structure would be largely retained, with development primarily focused on enclosing and extending into an existing open lean-to section along the building’s side (west) elevation.”
Approval was moved by Cllr Alec Cormack, described it as “an excellent use of the building,” with vice-chair of the committee Cllr Simon Hancock describing it as an “excellent application,” which was “entirely appropriate in the site”.
The application for conditional approval was unanimously approved by committee members.
Business
Welsh firms named among Britain’s fastest-growing companies
Engineering, fintech and beauty brands feature in national growth rankings
THREE Welsh businesses have been named among Britain’s 100 fastest-growing companies, highlighting the growing diversity of Wales’ scale-up economy.
Avantis Group, an engineering business delivering marine and offshore energy upgrade projects, was the highest-ranked Welsh company in the ORESA Executive Search Growth Index 2026.
The company placed 43rd nationally after achieving two-year compound annual revenue growth of 105.9%.
It was joined on the list by fintech firm ANNA Money, ranked 56th, and fast-growing beauty brand Hair Syrup, ranked 67th.
Orlando Martins, founder of Growth Index, said the results showed the strength and breadth of Wales’ business community.
He said: “Wales continues to produce ambitious companies across a wide range of sectors.
“What is particularly encouraging is the range of businesses, both in the top 100 and among the companies that narrowly missed out, from engineering and fintech to consumer brands.”
Now in its fifth year, the ORESA Executive Search Growth Index ranks the 100 fastest-growing companies in the UK.
This year’s list points to the resilience of Britain’s scale-up economy, with the average company achieving compound annual revenue growth of 136.1% over two years.
Together, the Growth Index 100 generated more than £11 billion in annual revenues, with businesses on the list ranging from data centres and art galleries to GB News and Popeyes UK.
Financial services remained the largest sector represented, accounting for a quarter of all companies featured.
Healthcare also continued to rise, helped by strong performances from biotechnology businesses, while retail enjoyed a resurgence after several more difficult years.
The report also notes that pure-play AI businesses are beginning to make a visible impact on the rankings, although they have not yet come to dominate the list.
The Growth Index is compiled through independent analysis of Companies House data. Growth is measured by two-year compound annual growth rate in revenues, with companies required to have a minimum base-year turnover of £100,000 and a minimum final-year turnover of £5 million.
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