HSBC has frozen all my accounts - high earner left penniless

Momanns

Ah. So you're a troll. Enjoy

dealyboy

... When the bank concludes its investigation are they obliged to give full disclosure of their reasons ?

I do hope so ... the OP should have some opportunity for remediation.

km1500

Unfortunately, no.

The account will either be unfrozen, or you will be given x days to close it.

In extreme circs they will close it immediately.

ent_moot

>The account will either be unfrozen, or you will be given x days to close it.

If they simply unfreeze my account without explanation, I'm not going to let it drop. I want an explanation. 

Grumpy_chap

dealyboy said:

... When the bank concludes its investigation are they obliged to give full disclosure of their reasons ?

No.

In fact, the exact opposite is true.  The bank are prohibited from providing an explanation.
That may seem harsh for innocent parties that are impacted by the action, but it is also logical. 
The bank freezes X number of accounts per week that flag some marker for possible suspicious activity. 
These cases are then investigated and either released, or closed, or reported to law enforcement. 
If the bank gave an explanation in the case of those accounts that are simply released, the actions that triggered investigation would become known and those with something to hide would alter their behaviour to avoid detection.

The OP won't get the explanation they desire.  The bank may give some meaningless response to a request for explanation.

sheramber

ent_moot said:

>The account will either be unfrozen, or you will be given x days to close it.

If they simply unfreeze my account without explanation, I'm not going to let it drop. I want an explanation. 

How are you going to achieve that?

ent_moot

How are you going to achieve that?

My local MP was formerly Home Secretary, and Secretary of State for Business. I've already had a helpful response from his team, unlike the generic responses from HSBC. Maybe this avenue will be fruitful. 

Aside from the distress this has caused my family, the inefficiency is immense. The system (whether it's HSBC's implementation, or the legislation itself) needs to change. I expect better in the UK.

dealyboy

ent_moot said:

How are you going to achieve that?

My local MP was formerly Home Secretary, and Secretary of State for Business. I've already had a helpful response from his team, unlike the generic responses from HSBC. Maybe this avenue will be fruitful. 

Aside from the distress this has caused my family, the inefficiency is immense. The system (whether it's HSBC's implementation, or the legislation itself) needs to change. I expect better in the UK.

... and I think you'll be the first to agree this is not just about you, this is also about the little man !

born_again

ent_moot said:

How are you going to achieve that?

My local MP was formerly Home Secretary, and Secretary of State for Business. I've already had a helpful response from his team, unlike the generic responses from HSBC. Maybe this avenue will be fruitful. 

Aside from the distress this has caused my family, the inefficiency is immense. The system (whether it's HSBC's implementation, or the legislation itself) needs to change. I expect better in the UK.

No matter who your MP is. Is not going to get HSBC to break the regulations.

As has been said banks are just following the regulators imposed standards, who are just imposing the rules the Government have set in place. So no way will these be changed.

Malkytheheed

phillw said:

Momanns said:

Has the OP stated whether is he a high earner? This might help what advice to provide. 

Yes, unfortunately the ven diagram of high earners and criminals is pretty much two overlapping circles.

Ridiculous comment. Reeks of jealousy.