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HSBC and the UK Financial Services Authority

How can we solve it? (keep it civilized)

Postby Malapapa » Sun Feb 14, 2010 1:26 pm

vaughanwilliams wrote:I suspect that this may have been your first and only contact with the UK FSA, ref this matter and it is clear that the reply just didn't suit you.
Once they told you your complaint didn't fall within their remit, it was game over for you. Anything further in the reply was just a courtesy to bring you into the picture and advise you where to take your complaint. If you are not happy with the reply, take it further.


Thanks for the advice. I will certainly take it further and will keep you posted. Proposed letter to the UK FSA Chairman and Chief Exec.

Dear...

HSBC and ‘TRNC’

As a concerned customer of HSBC, on 27 January 2010 I wrote to the Financial Services Authority (the ‘FSA’) about HSBC’s business presence in the self-styled ‘TRNC’ – the northern part of the Republic of Cyprus which has been illegally invaded, occupied and settled by Turkey.

I sought assurances that, as part of its consolidated supervision of HSBC, the FSA had taken steps to ensure that HSBC, in operating in the ‘TRNC’, (a) was in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority; (b) had not infringed the property or other rights of Cypriots displaced from the ‘TRNC’ area; and (c) had not provided banking facilities to those benefiting from such infringement (tantamount to money laundering).

The FSA responded on 10 February 2010, stating as follows (my italics): ‘The FSA...does not seek to regulate or influence legitimate business decisions of firms...Also, the Turkish Republic of Northern Cyprus (TRNC) has its own regulator so any firm wishing to do business in that country will need to be regulated by the appropriate regulator.’

Copies of my letter to the FSA and its response are attached.

In short the FSA, an agency of the UK government, appears to recognise the ‘TRNC’ as a country – one capable of having its own regulator, which would presumably be different from the legitimate regulator of the Republic of Cyprus, namely the Central Bank of Cyprus. This is a clear breach of the UK’s treaty obligation not to recognise any jurisdiction in Cyprus other than that of the internationally recognised Republic of Cyprus.

It is horrifying that a body such as the FSA, which is supposed to uphold the highest standards of regulation and ethical conduct in financial services, should demonstrate such complete disregard for international law, UK government obligations and the legitimate interests and regulations of the Republic of Cyprus. Perhaps this could be put down to naivety, lack of awareness and incompetence – but would that be any comfort?

I regard this as a very serious case of regulatory irresponsibility by the FSA and would appreciate your views on action that needs to be taken.
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Postby vaughanwilliams » Sun Feb 14, 2010 1:29 pm

[quote="Malapapa"]For Cypriots living in the UK, you too may be concerned to learn that the FSA, a UK government agency, appears to recognise the "Turkish Republic of Northern Cyprus" and considers HSBC activites in the north as "legitimate business decisions". You too may consider contacting your MP and appropriate UK government ministers for clarification.

How much more sloppy and inadequate regulation are we to put up with from the UK FSA?

I also expect the Central Bank of Cyprus to be interested in the response from the FSA.


"I also expect the Central Bank of Cyprus to be interested in the response from the FSA."
We await their reply to your letter to them reference this matter.
BTW - Don't HSBC have branches in "RoC"? Why not lobby them?
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Postby B25 » Sun Feb 14, 2010 1:36 pm

vaughanwilliams wrote:
Malapapa wrote:For Cypriots living in the UK, you too may be concerned to learn that the FSA, a UK government agency, appears to recognise the "Turkish Republic of Northern Cyprus" and considers HSBC activites in the north as "legitimate business decisions". You too may consider contacting your MP and appropriate UK government ministers for clarification.

How much more sloppy and inadequate regulation are we to put up with from the UK FSA?

I also expect the Central Bank of Cyprus to be interested in the response from the FSA.


"I also expect the Central Bank of Cyprus to be interested in the response from the FSA."
We await their reply to your letter to them reference this matter.
BTW - Don't HSBC have branches in "RoC"? Why not lobby them?


No HSBC in RoC. They would be on fire by now :wink:
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Postby vaughanwilliams » Sun Feb 14, 2010 1:40 pm

Malapapa wrote:
vaughanwilliams wrote:I suspect that this may have been your first and only contact with the UK FSA, ref this matter and it is clear that the reply just didn't suit you.
Once they told you your complaint didn't fall within their remit, it was game over for you. Anything further in the reply was just a courtesy to bring you into the picture and advise you where to take your complaint. If you are not happy with the reply, take it further.


Thanks for the advice. I will certainly take it further and will keep you posted. Proposed letter to the UK FSA Chairman and Chief Exec.

Dear...

HSBC and ‘TRNC’

As a concerned customer of HSBC, on 27 January 2010 I wrote to the Financial Services Authority (the ‘FSA’) about HSBC’s business presence in the self-styled ‘TRNC’ – the northern part of the Republic of Cyprus which has been illegally invaded, occupied and settled by Turkey.

I sought assurances that, as part of its consolidated supervision of HSBC, the FSA had taken steps to ensure that HSBC, in operating in the ‘TRNC’, (a) was in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority; (b) had not infringed the property or other rights of Cypriots displaced from the ‘TRNC’ area; and (c) had not provided banking facilities to those benefiting from such infringement (tantamount to money laundering).

The FSA responded on 10 February 2010, stating as follows (my italics): ‘The FSA...does not seek to regulate or influence legitimate business decisions of firms...Also, the Turkish Republic of Northern Cyprus (TRNC) has its own regulator so any firm wishing to do business in that country will need to be regulated by the appropriate regulator.’

Copies of my letter to the FSA and its response are attached.

In short the FSA, an agency of the UK government, appears to recognise the ‘TRNC’ as a country – one capable of having its own regulator, which would presumably be different from the legitimate regulator of the Republic of Cyprus, namely the Central Bank of Cyprus. This is a clear breach of the UK’s treaty obligation not to recognise any jurisdiction in Cyprus other than that of the internationally recognised Republic of Cyprus.

It is horrifying that a body such as the FSA, which is supposed to uphold the highest standards of regulation and ethical conduct in financial services, should demonstrate such complete disregard for international law, UK government obligations and the legitimate interests and regulations of the Republic of Cyprus. Perhaps this could be put down to naivety, lack of awareness and incompetence – but would that be any comfort?

I regard this as a very serious case of regulatory irresponsibility by the FSA and would appreciate your views on action that needs to be taken.



"In short the FSA, an agency of the UK government..."
Far be it from me to save you from making a fool of yourself (again), but if you want to be taken seriously you should know that that's just plain wrong. It's what comes from trying to mention everything including the kitchen sink in your letter.
http://en.wikipedia.org/wiki/Financial_ ... _Authority
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Postby vaughanwilliams » Sun Feb 14, 2010 1:47 pm

B25 wrote:
vaughanwilliams wrote:
Malapapa wrote:For Cypriots living in the UK, you too may be concerned to learn that the FSA, a UK government agency, appears to recognise the "Turkish Republic of Northern Cyprus" and considers HSBC activites in the north as "legitimate business decisions". You too may consider contacting your MP and appropriate UK government ministers for clarification.

How much more sloppy and inadequate regulation are we to put up with from the UK FSA?

I also expect the Central Bank of Cyprus to be interested in the response from the FSA.


"I also expect the Central Bank of Cyprus to be interested in the response from the FSA."
We await their reply to your letter to them reference this matter.
BTW - Don't HSBC have branches in "RoC"? Why not lobby them?


No HSBC in RoC. They would be on fire by now :wink:


Au contraire - http://www.hsbcnet.com/cyprus
Let us know how you get on with them.

We can't wait to hear the fire engines. :wink:
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Postby Gasman » Sun Feb 14, 2010 2:38 pm

HSBC are in Cyprus. Well, at least they were a couple of years ago when I was taking some advice about what to do with, where to put, some money over here - they were suggested to me.
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Postby B25 » Sun Feb 14, 2010 2:43 pm

vaughanwilliams wrote:
B25 wrote:
vaughanwilliams wrote:
Malapapa wrote:For Cypriots living in the UK, you too may be concerned to learn that the FSA, a UK government agency, appears to recognise the "Turkish Republic of Northern Cyprus" and considers HSBC activites in the north as "legitimate business decisions". You too may consider contacting your MP and appropriate UK government ministers for clarification.

How much more sloppy and inadequate regulation are we to put up with from the UK FSA?

I also expect the Central Bank of Cyprus to be interested in the response from the FSA.


"I also expect the Central Bank of Cyprus to be interested in the response from the FSA."
We await their reply to your letter to them reference this matter.
BTW - Don't HSBC have branches in "RoC"? Why not lobby them?


No HSBC in RoC. They would be on fire by now :wink:


Au contraire - http://www.hsbcnet.com/cyprus
Let us know how you get on with them.

We can't wait to hear the fire engines. :wink:


A representitive office, for insurances, hardly a bank. :lol: :lol: :lol:
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Postby vaughanwilliams » Sun Feb 14, 2010 2:49 pm

B25 wrote:
vaughanwilliams wrote:
B25 wrote:
vaughanwilliams wrote:
Malapapa wrote:For Cypriots living in the UK, you too may be concerned to learn that the FSA, a UK government agency, appears to recognise the "Turkish Republic of Northern Cyprus" and considers HSBC activites in the north as "legitimate business decisions". You too may consider contacting your MP and appropriate UK government ministers for clarification.

How much more sloppy and inadequate regulation are we to put up with from the UK FSA?

I also expect the Central Bank of Cyprus to be interested in the response from the FSA.


"I also expect the Central Bank of Cyprus to be interested in the response from the FSA."
We await their reply to your letter to them reference this matter.
BTW - Don't HSBC have branches in "RoC"? Why not lobby them?


No HSBC in RoC. They would be on fire by now :wink:


Au contraire - http://www.hsbcnet.com/cyprus
Let us know how you get on with them.

We can't wait to hear the fire engines. :wink:


A representitive office, for insurances, hardly a bank. :lol: :lol: :lol:


HSBC Bank plc operates a representative office in Nicosia. Our strength lies in our ability to combine in-depth local knowledge and the Group's extensive global reach to develop financial solutions suited to customers' needs.

Both individual and corporate clients can benefit from our full suite of services, including investment banking, project and export finance, payments and cash management, and trade services.

Sounds like a bank to me. :lol:
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Postby DT. » Sun Feb 14, 2010 5:54 pm

vaughanwilliams wrote:
Malapapa wrote:
vaughanwilliams wrote:I suspect that this may have been your first and only contact with the UK FSA, ref this matter and it is clear that the reply just didn't suit you.
Once they told you your complaint didn't fall within their remit, it was game over for you. Anything further in the reply was just a courtesy to bring you into the picture and advise you where to take your complaint. If you are not happy with the reply, take it further.


Thanks for the advice. I will certainly take it further and will keep you posted. Proposed letter to the UK FSA Chairman and Chief Exec.

Dear...

HSBC and ‘TRNC’

As a concerned customer of HSBC, on 27 January 2010 I wrote to the Financial Services Authority (the ‘FSA’) about HSBC’s business presence in the self-styled ‘TRNC’ – the northern part of the Republic of Cyprus which has been illegally invaded, occupied and settled by Turkey.

I sought assurances that, as part of its consolidated supervision of HSBC, the FSA had taken steps to ensure that HSBC, in operating in the ‘TRNC’, (a) was in full compliance with the laws and regulations of the Republic of Cyprus, as the legitimate and internationally recognised local authority; (b) had not infringed the property or other rights of Cypriots displaced from the ‘TRNC’ area; and (c) had not provided banking facilities to those benefiting from such infringement (tantamount to money laundering).

The FSA responded on 10 February 2010, stating as follows (my italics): ‘The FSA...does not seek to regulate or influence legitimate business decisions of firms...Also, the Turkish Republic of Northern Cyprus (TRNC) has its own regulator so any firm wishing to do business in that country will need to be regulated by the appropriate regulator.’

Copies of my letter to the FSA and its response are attached.

In short the FSA, an agency of the UK government, appears to recognise the ‘TRNC’ as a country – one capable of having its own regulator, which would presumably be different from the legitimate regulator of the Republic of Cyprus, namely the Central Bank of Cyprus. This is a clear breach of the UK’s treaty obligation not to recognise any jurisdiction in Cyprus other than that of the internationally recognised Republic of Cyprus.

It is horrifying that a body such as the FSA, which is supposed to uphold the highest standards of regulation and ethical conduct in financial services, should demonstrate such complete disregard for international law, UK government obligations and the legitimate interests and regulations of the Republic of Cyprus. Perhaps this could be put down to naivety, lack of awareness and incompetence – but would that be any comfort?

I regard this as a very serious case of regulatory irresponsibility by the FSA and would appreciate your views on action that needs to be taken.



"In short the FSA, an agency of the UK government..."
Far be it from me to save you from making a fool of yourself (again), but if you want to be taken seriously you should know that that's just plain wrong. It's what comes from trying to mention everything including the kitchen sink in your letter.
http://en.wikipedia.org/wiki/Financial_ ... _Authority


You're very wrong mate, its ownership and legal structure may be that of a non-governmental body but it reports directly to Treasury ministers and the paliament.
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Postby Malapapa » Sun Feb 14, 2010 6:03 pm

vaughanwilliams wrote:"In short the FSA, an agency of the UK government..."
Far be it from me to save you from making a fool of yourself (again), but if you want to be taken seriously you should know that that's just plain wrong.
http://en.wikipedia.org/wiki/Financial_ ... _Authority


Really? Well I went to the FSA's own website.

http://www.fsa.gov.uk/

I'll repeat....

http://www.fsa.gov.uk/

So who's the fool? (again)...

Now, go and play with your soldier-boys and leave the real men alone to battle for their country.
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