PRA fines HDI Global SE £4,165,000 for inaccurate reporting of FSCS Liabilities and FSCS Fee Tariff data
Summary
The Prudential Regulation Authority has fined HDI Global SE £4,165,000 for repeatedly submitting inaccurate FSCS Liabilities and FSCS Fee Tariff data between August 2021 and August 2024. The PRA said the errors reflected failures in controls, accountability and diligence, although the firm has since remediated the issue, corrected historical data and paid additional levies due.
Why it matters
While this is an insurance-sector enforcement action, it underlines the importance of accurate regulatory data and levy calculations across property-related risk and compensation frameworks. Surveyors should note the PRA’s emphasis on systems, controls and reliable reporting, as similar governance expectations increasingly affect firms involved in residential property transactions and risk management.
Key points
- PRA imposed a £4,165,000 penalty on HDI Global SE for inaccurate reporting.
- The breaches related to FSCS Liabilities and FSCS Fee Tariff data submitted over several years.
- The PRA said the firm lacked effective written processes, oversight and accountability.
- HDI Global SE corrected historical data, paid additional levies and received credit for cooperation.
- The PRA stressed that accurate, timely data is essential to its prudential supervision and FSCS levy calculations.
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