HSBC faces pressure over frozen pensions for Hong Kongers

HSBC is facing intense scrutiny over its decision to freeze nearly £1 billion in pension savings for British nationals who fled Hong Kong. Foreign Secretary David Lammy had a meeting with HSBC's chairman, Mark Tucker, to discuss the issue. Many people who escaped Hong Kong's political crackdown by the Chinese government are unable to access their savings. HSBC has been ordered by Chinese officials not to pay out these funds, creating financial difficulties for those affected. The UK government has been pressing Hong Kong and Chinese authorities to allow these individuals to withdraw their pensions, which they say is unfairly blocked. According to a Foreign Office spokesperson, they are continuing to raise the matter with the relevant governments. Campaigners and politicians have urged both HSBC and the UK government to take action. They claim that the reason given by HSBC for withholding the funds lacks legal support. The bank explains that local laws dictate when members can withdraw their pension benefits. As this situation unfolds, pressure mounts on HSBC to comply with the demands of those impacted and the UK government.