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@hippy
https://www.thetimes.co.uk/article/pressure-mounts-over-hsbc-debacle-as-small-businesses-ask-the-financial-ombudsman-to-take-action-jtc7kn38r
Small businesses have asked the Financial Ombudsman Service to step in after HSBC mistakenly blocked hundreds of accounts, including those of charities and churches, as part of its crackdown on money laundering.
Many of the business owners affected have contacted the ombudsman, which can force financial services companies to pay compensation of up to £150,000 to customers who have been mistreated.
HSBC is increasing scrutiny of its customers following a money laundering scandal five years ago, when it was fined $1.9bn (£1.5bn) in the US. It said it has contacted all customers and only frozen accounts when information has not been received. But small businesses have complained that their access to money has been blocked without warning.
The ombudsman declined to comment. HSBC said: “As part of our efforts to stop financial crime, we are conducting detailed reviews of the information we hold about our customers.
“We apologise for the inconvenience this can cause but ask customers to respond to our requests as promptly and comprehensively as possible . . . If we don’t receive all the information we need, we may be forced . . . as a last resort, to close an account.”