Show HSBC that we're not putting up with threats!

After years of consecutive scandals: LIBOR , money laundering, currency exchange manipulation, tax evasion – and that’s just from the last four years. HSBC announces this week it’s reviewing whether to move its HQ out of the UK. If they move, not only will the UK lose billions in tax revenue, but it could also prompt others to follow suit- hugely damaging the UK’s financial industry. As a customer I’m disgusted.

HSBC generates $16.1 billion revenue in the UK, and pays a modest $2.4 billion tax on the money it makes. Yet despite these favourable arrangements, and despite the UK being its biggest market, it decides to make these veiled threats. HSBC point to a wave of regulatory changes, and the prospect of Britain leaving the European Union, as to the reasons behind its decision. I understand the concern stemming from the UK leaving the EU, but to point to regulatory changes, changes that in no way go far enough, and changes that were brought in because of the rampant criminal behaviour across the banking sector, as a reason, beggars belief.

I say let HSBC move its HQ. And when it does, HSBC customers should move too – move to another bank. If HSBC can throw around threats without regard for its millions of UK based customers, then we need to show that it can’t. Sign up now and let HSBC know that you’re willing to make threats too - that if it leaves you’ll move to another bank, one that’s based in the UK, and one with more regard for its customers.