07:13 AM EDT, 09/05/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) was ordered by a UK regulator to review data handling practices within its commercial banking and global banking and markets groups, Bloomberg News reported Wednesday, citing a source familiar with the matter.

The source told Bloomberg that the Bank of England's Prudential Regulation Authority ordered the review and according to the report, an outside expert will conduct the review and produce an independent report for the regulator.

According to documents reviewed by Bloomberg, the review comes three years after authorities flagged deficiencies within HSBC's ( HSBC ) risk management capabilities.

HSBC Holdings ( HSBC ) declined to comment on the matter.

(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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