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Foreign Secretary urged to intervene in HSBC pensions scandal By CALUM MUIRHEAD Updated: 16:51 EDT, 19 April 2025 e-mail 2 View comments A top MP has demanded Foreign Secretary David Lammy meet British nationals owed millions in pension savings by HSBC after an expose in The Mail on Sunday. In a letter seen by this paper, Blair McDougall, a member of Parliament's Foreign Affairs Select Committee, called on Lammy to meet members of the British National (Overseas) community whose savings have been frozen by the banking giant. He said Lammy must 'discuss how the UK Government could take further steps to address this matter' after we revealed last month that Lammy had raised the issue with HSBC chairman Mark Tucker at a meeting last year.
The bank is under growing pressure to face MPs and explain its refusal to pay out the savings, owed to people who fled Hong Kong to escape a crackdown by the authorities in Beijing. Concern: David Lammy raised the issue with HSBC chairman Mark Tucker at a meeting last year RELATED ARTICLES Previous 1 Next Foreign Secretary confronts HSBC chief over £1bn Hong Kong..
. MPs call for probe into HSBC savings scandal Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account HSBC says it is following orders from the Chinese government. As a result it is sitting on £978 million of savings of tens of thousands of Hong Kongers in the UK, leaving them in a precarious state.
McDougall said this raised 'serious concerns' about the ability of UK financial institutions to 'operate independently' of Beijing, in line with British law. The Foreign Office said: 'We continue to raise this issue with both the Hong Kong government and Chinese government and have discussed it with HSBC.' DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.
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