29 April 2005
Britain's biggest bank HSBC is being scrutinised over allegations of improper personal loan practice.
New York attorney-general Eliot Spitzer has targeted the bank for operating in the sub-prime market and fears are now rising that UK consumers could be at risk in tandem with those in the US.
Sub-prime lenders offer personal loans as well as credit cards and mortgages at high interest rates to those that are unable to get credit from mainstream lenders.
Reports reveal that Citigroup and JP Morgan Chase are also being targeted.
HSBC has confirmed that it has taken receipt of the documents sent by Mr Spitzer's office but refused to comment further.
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