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To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 19 November (WA 303), whether HSBC Holdings plc is subject to financial services regulation in the United Kingdom or elsewhere; and whether the executives of that company are subject to fit and proper persons requirements in...
To ask Her Majesty’s Government, further to the Written Answer by Lord Sassoon on 19 November (WA 303), whether HSBC Holdings plc is subject to financial services regulation in the United Kingdom or elsewhere; and whether the executives of that company are subject to fit and proper persons requirements in...
HSBC Holdings plc does not undertake regulated activities in the UK and is therefore not a person under the Financial Services and Markets Act 2000.
The Financial Services Authority (FSA) supervises the HSBC Group on a consolidated basis and, for example, sets capital requirements for this consolidated Group as a whole. These requirements are imposed on the UK authorised firms within the HSBC Group and not directly on HSBC Holdings plc. The FSA has a number of powers that are exercisable directly in relation to HSBC holdings including the power to require HSBC to provide the FSA with information.
The powers of the regulator in relation to UK parent undertakings of authorised persons are being enhanced by provisions in the Financial Services Bill. The Bill provides the regulators with the power to direct the parent undertaking to take (or not take) specified action and to make rules requiring the parent undertaking to provide the regulator with information on a regular basis.
Overseas operations of the HSBC Group are subject to a wide range of overseas regulatory regimes, which may have different scope to UK requirements.
A number of senior staff at HSBC Holdings are FSA Approved Persons because of their influence over HSBC Bank plc, which is an FSA regulated entity. FSA Approved Persons must comply with the ESA Approved Persons regime. This regime operates in relation to their influence over HSBC Bank plc.
HSBC Holdings plc is listed on the London, New York, Paris and Bermuda stock exchanges and is, therefore, subject to the relevant listing requirements.