Protesters from Hong Kong Stage Rally Outside HSBC London Headquarters Due to Blocked MPF Funds
More than a dozen individuals protested outside the HSBC headquarters in London on Dec. 12. They were protesting against HSBC, one of the trustees of the Mandatory Provident Fund (MPF), for withholding MPF savings belonging to overseas Hongkongers and demanded the return of the funds. This protest was organized by the “MPF Access Alliance,” consisting of British National Overseas (BNO) visa holders. They protested outside the HSBC headquarters in Canary Wharf, London and chanted, “Release our retirement savings now, we want our money back, fight for freedom, stand with Hong Kong,” and other slogans.
Protester, Atito, a worker in the IT industry, expressed his frustration with the Hong Kong government’s behavior of barring BNO visa holders from withdrawing their MPF savings. Atito has contributed to different MPF trustees, including HSBC, over ten years. He stated his concern that if he couldn’t retrieve his contributions, it will be lost forever. He criticized HSBC Hong Kong, likening it to an “independent kingdom.” Benedict Rogers, co-founder and Chief Executive of Hong Kong Watch, criticized both MPF trustees and the Hong Kong government for withholding MPF funds from BNO visa holders. He also believed that more pressure should be exerted on the Hong Kong government and MPF trustees to enable BNO Hong Kong residents to withdraw their MPF savings. According to “Hong Kong Watch,” Hong Kong’s mandatory provident fund savings totaled HK$1.05 trillion (US$135 billion) in 2022, involving 4.69 million contributors. It is estimated that a total of about HK$21.5 billion (US$2.8 billion) in MPF funds has been withheld. Alistair Carmichael, MP, House of Commons, of the Liberal Democratic Party, felt that HSBC was unfairly denying customers access to their savings, which affects citizens’ rights to use their personal assets. The U.S. Congress also issued a report recommending that individuals involved in restricting the freedom of emigration should be sanctioned under the authority of the Hong Kong Autonomy Act.
