HSBC will pay a fine of $ 4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to the office of Massachusetts Attorney General Maura Healey, HSBC received “compensation” in connection to the force-placed insurance premiums charged to HSBC’s borrowers, which Healey’s office alleges created an “improper conflict of interest” and violated state consumer protection laws.
