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FSA Press Release

 

FSA/PN/111/2012

11 Dec 2012

 

 

The Financial Services Authority (FSA), as lead regulator for the HSBC Group globally, is taking action in relation to issues in respect of HSBC’s compliance with anti-money laundering rules and US sanctions requirements.

 

The FSA has worked closely with the relevant US authorities and this action is separate to, but coordinated with the actions taken by them.

 

The FSA has made a number of requirements of HSBC Holdings plc which are designed to ensure that all parts of the HSBC Group are in compliance with the relevant legal and regulatory requirements across the Group to prevent similar failings occurring in the future. The FSA requires HSBC Holdings to:

  • Establish a committee of the HSBC Board with a mandate to oversee matters relating to anti-money laundering, sanctions, terrorist financing and proliferation financing;
  • Review relevant Group policies and procedures to ensure that all parts of the HSBC Group are subject to standards equivalent to those required under UK requirements;
  • Appoint a Group Money Laundering Reporting Officer (MLRO) who will be an FSA approved person, with responsibility for ensuring that systems and controls are in place across the Group, to ensure the Group is in compliance with all relevant legal and regulatory requirements; and
  • Employ an independent monitor to oversee the Group’s compliance with UK anti-money laundering, sanctions, terrorist financing and proliferation financing requirements and to provide independent reporting to the HSBC Board committee and regulators.

 

Read more http://www.fsa.gov.uk/library/communication/pr/2012/111.shtml


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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@ CitizenB:

 

  1. I have read that various state (rather than the US federal government) are considering further action against HSBC; it would be nice if this were the case.
  2. You might enjoy the following article from Forbes magazine which nicely summarises the frustration felt by many in the United States: http://www.forbes.com/sites/halahtouryalai/2012/12/12/final-thought-on-hsbc-settlement-how-much-bad-behavior-will-we-tolerate/
  3. I was wondering if individuals could force the FSA's hand on this matter by pointing out to the FSA that senior HSBC staff are likely to fail the "fit and proper" test to be FSA regulated by virtue of their admission of criminal conduct in the United States; do you think that there could be anything in this as an approach?

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I imagine if enough people flooded the FSA with complaints they might be forced to do something.

 

It seems as though Americans are more likely to vote with their feet - remember the move to Credit Unions in the US !!

 

From what I read, Brits are not happy with their current banking facilities, but find the whole situation of moving banks quite traumatic (presumably designed that way by the banks) and who do they move to - there is little too chose between the major banking institutions at the present time.

 

It would be brilliant if it could be organised that say during a nominated week everyone removed their money from one of the banks to a different bank. Co-ordinating it could be done via twitter or FB, but how many people would actually do it ?

 

How many people have savings worth a light that would make the banks sit up and take notice ?

Edited by citizenB

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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