Hong Kong Watch urges Business and Trade Committee to summon HSBC representatives over withholding of MPF savings
Today, Hong Kong Watch sent a letter to Liam Byrne MP, Chair of the UK House of Commons’ Business and Trade Committee, to urgently request that the Committee summon representatives of HSBC to appear before Parliament to answer questions on its decision to withhold an estimated £1 billion worth of Mandatory Provident Fund (MPF) savings from Hong Kongers now residing in Britain.
The letter specifies that HSBC manages approximately 30 percent of the total MPF market, with assets totalling HK$371 billion (£37 billion). However, due to HSBC withholding an estimated £1 billion of assets from Hong Kongers, the letter expresses serious concern about the ability of HSBC “to operate independently and in accordance with British financial regulations, as well as impacting the economic wellbeing of Hong Kongers seeking to invest in and contribute to the UK economy.”
In the letter, Hong Kong Watch urges the Business and Trade Committee to hold a hearing with HSBC to address the following concerns:
The economic impact: Hong Kongers who have moved to the UK under the BNO scheme are unable to access their savings, limiting their ability to purchase homes, invest in businesses, and contribute to the UK economy.
Regulatory implications: If HSBC is complying with politically-motivated financial restrictions despite no legal basis for doing so, this raises questions about the enforcement of UK financial regulations and the independence of British financial institutions.
The UK’s financial credibility: The City of London relies on a strong reputation for regulatory integrity and business confidence. If HSBC’s actions go unchallenged, it could undermine trust in the UK as a financial hub and set a precedent for other institutions facing similar pressures.
We strongly believe that “This issue is not only a matter of individual financial hardship but also a question of whether UK-based financial institutions remain accountable to British law rather than foreign political directives.”
You can read the full letter here.
香港監察去信促請英國國會商業及貿易委員會傳召滙豐作供 解釋為何扣押港人強積金
今天，香港監察去信英國下議院商業及貿易委員會主席白理安議員（Liam Byrne MP），緊急要求委員會傳召滙豐代表到國會作供，就滙豐扣押現居英國港人價值約10億英鎊強積金（MPF）儲蓄一事回答問題。
信中指出，滙豐管理強積金市場約30%資產，資產總額達3,710億港元（370億英鎊）。不過，由於滙豐扣押了香港人約10億英鎊資產，信中表示嚴重關注滙豐「獨立並遵照英國金融法規運作，以及影響尋求投資英國並貢獻當地經濟港人的經濟福祉」的能力。
香港監察在信中促請商業及貿易委員會舉行聽證會並傳召滙豐作供，處理下列疑慮：
1. 經濟影響：經BNO計劃移居英國的香港人無法提取自己的儲蓄，限制了他們買樓置業、投資商業和貢獻英國經濟的能力。
2. 監管意義：如果滙豐在沒有法律基礎的情況下依然遵守出於政治動機的金融限制，就會引起對英國金融法規執行和英國金融機構獨立地位的質疑。
3. 英國金融信譽：倫敦金融城（City of London）憑藉監管誠信和營商信心而享負盛名。如果滙豐的行為不受挑戰，就可能會破壞外界對英國作為金融中心的信任，並為其他面對類似壓力的機構開創先例。
我們堅信「這個問題不但關乎個人財務困難，更關乎英國金融機構是否仍對英國法律而非外國政治指令負責。」
請在此處閱覽信件全文。