On March 14, a day before World Consumer Rights Day, the Hongkong and Shanghai Banking Corporation (HSBC) settled one of the most celebrated cases of gross mis-selling in recent times, involving singer and actress Suchitra Krishnamoorthi. Ms Krishnamoorthi was HSBC’s banking client. But as happens in banking these days, more money can be made by “managing the wealth” of the clients than by simple banking transactions. This, of course, means selling financial products to clients indiscriminately and churning them for the sake of fees and commissions.

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