Lord Patten of Barnes receives response from HSBC and Standard Chartered on releasing Hong Kongers' MPF savings

In July, Lord Patten of Barnes, the last Governor of Hong Kong and a Patron of Hong Kong Watch, wrote letters to Sir Mark Tucker, Group Chairman of HSBC and Dr José Viñals, Group Chairman of Standard Chartered, urging the heads of the UK-based Mandatory Provident Fund (MPF) trustees to release the MPF retirement savings of Hong Kongers who now live in the UK under the British National (Overseas) (BNO) visa scheme. Lord Patten also wrote to Chancellor of the Exchequer Rachel Reeves and Foreign Secretary David Lammy.

In the letters, Lord Patten provided background on the withholding of Hong Kongers’ MPF savings. Ordinarily, if a Hong Konger can prove that they have permanently departed from Hong Kong, they are entitled to the early withdrawal of their MPF savings. However, in retaliation to the UK government launching the BNO scheme in January 2021, the Chinese Ministry of Foreign Affairs declared that it would no longer recognise the BNO passport as a valid form of identity, blocking tens of thousands of Hong Kongers from accessing an estimated £3 billion worth of their savings.

Beyond this act of political retaliation, Lord Patten explained how the withholding of Hong Kongers’ MPF savings is an ongoing form of transnational repression:

“Hong Kongers without BNO visas who have obtained permanent residency in Australia have also been denied access to their savings. These cases involve Hong Kongers who have been issued arrest warrants with HK$1 million (£99,157) bounties for advocating for democracy, demonstrating that the freezing of Hong Kongers’ savings is an act of transnational repression by the Hong Kong government, to punish those who have fled from the Hong Kong regime.”

Lord Patten received a written response from Robert F Hoyt, Group Chief Legal Officer of HSBC, on behalf of Sir Mark Tucker. The letter reads:

“In early 2021, the Hong Kong authorities determined that British National (Overseas) passports were no longer valid identification in Hong Kong, and that trustees could not therefore rely on such documents to support an application for early withdrawal. Like other pension system trustees, the HSBC trustee companies are thus legally bound by this.”

Lord Patten received a similar written response from Helen Clerkin, General Counsel for Enterprise Legal of Standard Chartered. The letter reads:

“As in all markets in which Standard Chartered operates, we are committed to complying with all relevant laws and regulations including those of Hong Kong.”

However, the declaration to no longer recognise BNO passports was conducted by fiat, with no laws or regulations being changed in Hong Kong regarding the operation of the MPF. 

Both government ministers also responded to Lord Patten. On behalf of Foreign Secretary David Lammy, Indo-Pacific Minister Catherine West wrote: 

“The Foreign Secretary has raised this matter with HSBC. Whilst documentary requirements for withdrawing such funds are a matter for the Hong Kong regulatory authorities, officials have raised this issue directly with the Hong Kong Government and Hong Kong MPF Schemes Authority and we will continue to do so to encourage a pragmatic solution.”

On behalf of Chancellor of the Exchequer Rachel Reeves, Economic Secretary to the Treasury Tulip Siddiq wrote:

“Whilst documentary requirements for withdrawing funds are a matter for the Hong Kong authorities, officials have raised this issue directly with the Hong Kong Special Administrative Region Government and the Hong Kong MPF Schemes Authority. We have urged them to facilitate early draw down of funds as is the case for other Hong Kong residents who move overseas permanently and have made clear such discrimination of BN(O)s is unacceptable.”

Hong Kong Watch will continue to press HSBC, Standard Chartered and the UK government to take action to help release the hard-earned MPF savings of Hong Kongers. This includes asking the UK government to issue guidance to the UK-based MPF trustees regarding the use of BNO passports as valid documents, and exploring whether HSBC and Standard Chartered are in compliance with UK laws and regulations.

彭定康勳爵就釋放港人MPF去信滙豐、渣打 獲回覆指受法律約束

今年7月，香港監察贊助人、最後一任香港總督彭定康勳爵（Lord Patten of Barnes）去信滙豐集團主席杜嘉祺爵士（Sir Mark Tucker）和渣打集團主席韋浩思博士（Dr José Viñals）​​，促請兩位英國強積金（MPF）受託人負責人釋放循英國國民（海外）（BNO）簽證計劃移居英國港人的MPF退休儲蓄。彭定康勳爵亦致函英國財政大臣李韻晴（Rachel Reeves）和外交大臣林德偉（David Lammy）。

彭定康勳爵收到滙豐集團法律事務總監Robert F Hoyt代表杜嘉祺的書面回覆。信中寫道：

「2021年初，香港當局裁定英國國民（海外）護照在香港不再是有效身分證明，因此受託人不能接納這類文件來支持提早提款的申請。與其他退休金制度受託人一樣，滙豐受託公司因而受到法律約束。」

彭定康勳爵亦收到渣打銀行企業法律部總法律顧問Helen Clerkin類似的書面回覆。信中寫道：

「與渣打銀行全部營運所在市場一樣，我們致力遵守所有相關法律法規，包括香港法律法規。」

然而，當局透過法令宣布不再承認BNO護照，香港有關MPF運作的法律或法規並沒有改變。

香港監察會繼續要求滙豐銀行、渣打銀行和英國政府採取行動，協助釋放香港人的血汗MPF儲蓄。這包括要求英國政府向英國MPF受託人發出BNO護照可用作有效文件的指引，並研究滙豐銀行和渣打銀行是否遵守英國法律法規。