HSBC and Standard Chartered have been urged to unlock more than £1billion in frozen pensions owed to Hong Kong exiles who fled to Britain.
Labour MP Phil Brickell told Parliament on Monday that the banks should ‘do the right thing’ and hand over the money.
‘These pensions could be spent in local shops, backing businesses or helping children’s futures,’ he said.
Brickell, a member of the foreign affairs select committee, cited the Mail’s reporting on the scandal and demanded action.
He said: ‘The banks holding these pensions need to step up. Release the hard-earned money to the people who earned it.’
The frozen savings are held in the Mandatory Provident Fund (MPF) – a compulsory pension scheme most Hong Kongers and their employers pay into. HSBC and Standard Chartered are trustees for savings held through the MPF.
Ban: HSBC and Standard Chartered have argued that they cannot hand back Hong Kong exiles’ pensions because of the Chinese government’s directive
Hong Kongers can withdraw pensions early if they have permanently resettled overseas. To do so, they need to provide proof that they are permitted to reside abroad.
In 2021, Chinese authorities said they would no longer recognise British National Overseas (BNO) passports as valid travel documents or forms of identity.
This was seen as retaliation after the Government said Hong Kongers with BNO passports could apply for a new visa, letting them settle in Britain.
BNO was a special status of passport issued to Hong Kongers before the territory was handed to China by the UK in 1997.
Since the visa scheme was launched four years ago, more than 166,300 BNOs have moved to Britain, human rights group Hong Kong Watch claims.
Many fled to the UK to escape repressive national security laws. Beijing’s order to freeze the funds has left thousands in dire financial straits.
HSBC and Standard Chartered have argued that they cannot act because of the Chinese government’s directive.
But campaigners want the banks and the Government to push for the decision to be reversed, arguing it has no basis in law.
Brickell’s comments came ahead of Business Secretary Peter Kyle’s arrival in Beijing today for trade talks with the People’s Republic.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .