Share this content
0
449

Safety from HSBC 'Safeguarding'

Which banks are businesses going to, to ensure that they are safe from HSBC Safeguarding?

Didn't find your answer?

Search AccountingWEB

Over the last few years, it has been reported that HSBC (and other banks apparently) have been suddenly withdrawing banking facilities due to  'safeguarding' issues, known or unknown. E.g. if someone from Russia bought some of the shares 15 years ago, even though they have had nothing to do with the company since. Or for no known reason.

How does a small UK-based business that banks with HSBC ensure that it can continue trading when Safeguarding comes knocking? I.e Which banks could it approach as a backup, to ensure that the business, the employees, the customers and suppliers are not 'safeguarded' into bankcruptcy?

 

Replies (1)

Please login or register to join the discussion.

A Putey FACA
By Arthur Putey
21st Aug 2019 14:47

We've seen clients have lots of hassle with HSBC, but ususally due to letters going astray, or missing calls, which seems to happen with overseas directors. If they follow the process they shouldn't have any problems, but short of changing banks (a second bank won't generally like to offer a current account unless you want to switch banks) a contingency might be something like TransferWise (which doesn't need to be linked to a specific bank account so you can still access funds if yours got frozen).

Thanks (1)
Share this content