UK Parliament holds hearing on withholding of Hong Kongers’ Mandatory Provident Fund savings

Today in the British Parliament, the All-Party Parliamentary Group (APPG) on Hong Kong, Stand with Hong Kong and Hong Kong Watch co-hosted a hearing on the withholding of Hong Kongers’ Mandatory Provident Fund (MPF) savings.

The hearing was led by Blair McDougall MP, Chair of the APPG on Hong Kong, and the audience including parliamentarians, diplomats, the media, civil society representatives, and Hong Kong diaspora members heard the latest statistics on the number of Hong Kongers affected by the withholding of their MPF savings from Megan Khoo, Policy Director of Hong Kong Watch, and the personal experiences of three Hong Kongers: Chloe Lo, Alan Ng and Leo Chu.

The most recent research by Hong Kong Watch reveals that Hong Kongers are being prevented from accessing over £3.25 billion worth of their MPF savings. Specifically, HSBC has denied an estimated £978 million of MPF assets and Standard Chartered £20 million of MPF assets, despite having a legal obligation to release the savings to beneficiaries who can provide evidence of their right to reside in a foreign country under the MPF trust deed. 

Despite this legal obligation, HSBC rejected Blair McDougall MP’s request to explain the withholding of Hong Kongers’ savings from their perspective at the hearing, and Standard Chartered did not respond.

During the hearing, the three Hong Kongers who gave evidence emphasised that MPF trustees have no basis in law to bar access to their retirement savings. They shared how they have experienced the coldest winter of their life, been unable to pursue further education in the UK, and been unable to invest in Britain due to the withholding of their savings. A question from the floor also pointed out the importance of having clear guidance issued by the UK government for financial institutions to understand that BNO passports are valid UK government-issued documents.

In 2023, the APPG on Hong Kong conducted a previous inquiry which demonstrated that a number of UK-headquartered financial institutions, including HSBC, have been complicit in the suppression of the human rights of Hong Kongers and flouted the UN Guiding Principles. The inquiry also found that these financial institutions have a significant responsibility to consult legal advice and stakeholders to reform their practices in adherence to international human rights standards. 

The MPF is a compulsory retirement savings scheme for the people of Hong Kong, and is managed by trustees or financial institutions that include the London-headquartered HSBC and Standard Chartered. Hong Kongers can ordinarily withdraw their entire MPF early if they make a statutory declaration that they have departed Hong Kong permanently with no intention of returning to resettle. However, the Mandatory Provident Fund Schemes Authority, which oversees the provision of MPF schemes, released a statement in March 2021 claiming that because the BNO passport was no longer recognised by the Hong Kong government as a valid travel document and proof of identity as of January 2021, over 126,500 Hong Kongers trying to withdraw their MPF early cannot rely on the BNO passport or visa as evidence to an application for early MPF withdrawal. 

The APPG on Hong Kong, Stand with Hong Kong and Hong Kong Watch call on the UK government to demand that HSBC and Standard Chartered unfreeze the savings accounts of BNO passport holders and political dissidents to put an end to this financial transnational repression.

Blair McDougall MP, Chair of the All-Party Parliamentary Group on Hong Kong, said:

“The UK-headquartered MPF trustees HSBC and Standard Chartered must remember that MPF savings are not just a financial product but the hard-earned savings of Hong Kongers. As global financial institutions, they have a duty to act independently and responsibly, ensuring the interests of their clients are always the priority.

It is deeply disappointing that HSBC and Standard Chartered rejected the APPG on Hong Kong’s request to engage with parliamentarians on a matter of such significant public interest. Open dialogue and accountability are fundamental to building trust, and their unwillingness to address legitimate concerns raises serious questions about their commitment to thousands of their customers. They still have questions to answer, even if they are not willing to open themselves to scrutiny.”

Lord Alton of Liverpool, Vice Chair of the All-Party Parliamentary Group on Hong Kong, said:

“It is deeply troubling that HSBC and Standard Chartered have refused to appear before Parliament to address serious issues, including barring Hong Kongers from accessing their MPF savings. Yet, the banks have chosen to selectively lobby parliamentarians to oppose China’s inclusion in the enhanced tier of the Foreign Influence Registration Scheme (FIRS) earlier this year – a matter critical to national security. This approach raises very serious concerns about HSBC’s priorities, accountability, and commitment to fairness.”

英國國會跨黨派香港小組、Stand with Hong Kong、香港監察就港人被扣押強積金召開聽證會 呼籲政府要求滙豐、渣打停止金融跨國鎮壓

今天，香港監察聯同英國國會跨黨派香港小組和「Stand with Hong Kong 重光團隊」，就香港人強積金（MPF）儲蓄被扣押合辦國會聽證會。

聽證會由英國國會跨黨派香港小組主席麥道國議員（Blair McDougall MP）主持，出席者包括國會議員、外交官、傳媒、民間社會代表和海外港人。香港監察政策總監Megan Khoo首先匯報受強積金被扣押一事影響港人的最新數據，三位港人Chloe Lo、Alan Ng和Leo Chu隨後分享個人經歷。

香港監察最新研究顯示，香港人正被拒絕提取強積金儲蓄，價值超過32.5億英鎊。根據強積金信託契約，金融機構有法律義務向任何可以證明自己有權在外國居住的受益人發放強積金，但據估計，滙豐扣押了9.78億英鎊的強積金資產，而渣打銀行則扣押了2,000萬英鎊。

雖然有這項法律義務，但滙豐拒絕了麥道國議員的邀請，並沒出席聽證會解釋為何扣起港人強積金，渣打銀行亦沒有回覆。

在聽證會上，三位作證港人強調強積金受託人阻止他們提取退休儲蓄的做法並沒有法律基礎。三人各自分享了因儲蓄被扣押的緣故，他們經歷了人生最嚴寒的冬天，無法在英國進修，以及無法在英國投資做生意。在場人士提出的問題亦指出，英國政府應向金融機構發出明確指引，指出BNO護照是英國政府頒發的有效文件。

英國國會跨黨派香港小組2023年展開的調查顯示，多間總部設於英國的金融機構──包括滙豐──助紂為虐打壓香港人權，公然藐視《聯合國指導原則》。調查同時發現，這些金融機構負有重大責任諮詢法律建議和持份者，改革營商手法，從而遵守國際人權標準。

強積金是香港人的強制性退休儲蓄計劃，由受託人或金融機構管理，其中包括總部設於倫敦的滙豐和渣打銀行。一般而言，香港人若作出法定聲明，表明自己已永久離開香港並無意回港定居，就可以提早領取全數強積金。然而，負責監管強積金計劃的強制性公積金計劃管理局於2021年3月發表聲明，稱由於BNO護照自2021年1月起不再被香港政府承認為有效旅行證件及身分證明，超過126,500名有意提前領取強積金的香港人無法用BNO護照或簽證作為提款申請的證明文件。

英國國會跨黨派香港小組、Stand with Hong Kong和香港監察呼籲英國政府要求滙豐和渣打銀行解除凍結BNO護照持有人和政治異見人士的儲蓄戶口，停止金融跨國鎮壓行為。

國會跨黨派香港小組主席麥道國議員表示：「總部設於英國的強積金受託人滙豐和渣打銀行必須記住，強積金儲蓄不單是一種金融產品，更是香港人的血汗儲蓄。作為環球金融機構，他們有責任獨立而負責任地行事，確保始終將客戶利益放在第一位。

令人深感失望的是，滙豐和渣打銀行拒絕了國會跨黨派香港小組的請求，就如此重大的公眾利益問題與國會議員交流。公開對話和問責是建立信任的基礎，而他們不願意處理合理憂慮，令人嚴重質疑他們對數萬名客戶的承諾。即使他們不願意公開接受審查，他們仍有問題要答。」

國會跨黨派香港小組副主席奧爾頓勳爵（Lord Alton of Liverpool）表示：「滙豐和渣打銀行拒絕到國會討論扣押港人強積金儲蓄等嚴重問題，實在令人深感不安。然而，這些銀行今年稍早卻選擇性地遊說議員反對將中國納入『外國影響力登記計劃』（FIRS）的進階級別，這是對國家安全至關重要的議題。這種做法令人嚴重憂慮滙豐的優先事項、問責制和對公平的承諾。」