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.
