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Market Chatter: HSBC Reviewed Lending Policies After $400 Million Provision Against Fraud

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-- HSBC (HSBC) has reviewed its lending policies and procedures following a $400 million provision against a fraud in its UK business, Reuters reported Friday, citing the bank's chairman.

The bank reported the unexpected charge on Tuesday, which is connected to the collapse of British mortgage lender Market Financial Solutions, with no losses recorded against the provision yet, according to the report.

The bank has concluded that the incident as a one-off and not a systematic issue, per the report.

HSBC did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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