Important notice for HSBC Private Bank (UK) Limited
In the United Kingdom HSBC Private Bank (UK) Limited offers a restricted advice model for retail investment products. This means we will advise and make a recommendation for you after we have assessed your needs but we only offer advice on limited types of products from a limited number of companies. You may ask us for a list of the companies and products we offer advice on.
Current Account Switch Service (CASS)
The Current Account Switch Service is a free service which makes switching from one UK bank or building society to another simple, reliable and stress-free.
The service is available to consumers and small businesses, charities and trusts and allows you to choose a switch date that suits you.
How the Current Account Switch Service works:
To initiate the switch you will need to complete a Current Account Switch Agreement Form, a Current Account Closure Instruction Form (to authorise closure of your old account) and agree a switch date that is at least 7 working days after your new account has been set up.
Your old bank will be notified of your request to switch. You can continue to use your old account right up until your switch date
Your old bank will automatically send us details of your regular payments. We’ll take care of moving all your payments going out (for example, your Direct Debits and Standing Orders) and those coming in.
If you have money in your old account, we’ll transfer it to your new account. Your old account will be closed and we’ll contact you to let you know that the process is complete.
For more information about CASS you can request a Current Account Switch Guide from your Relationship Manager.
If your UK bank1 is not part of the Current Account Switch Service, through our manual switch service you can ask us to switch your account at no cost by giving us your old / new account details so we can contact the other bank1. Any switch in or out of an HSBC Private Bank (UK) Limited Multi-Currency Account will take place using our manual switch service.
If you are switching in to an HSBC Private Bank (UK) Limited account, we will provide all the forms you need to complete to initiate the manual switch.
Your old bank will be notified of your request to switch. You can continue to use your old account right up until your switch date. We will ask your old bank for a list of your Standing Orders and/or Direct Debits2.
Your old bank provides us with your payment account details including Direct Debits and/or Standing Orders2 and we will ask you to confirm the list.
If you are switching out of HSBC Private Bank (UK) Limited into another UK based financial institution, we will send out a list of your Direct Debits, Standing Orders within 5 working days of receiving an instruction from you, to your new bank1, 2.
We will set up Standing Orders and inform Direct Debit payees of your new account details. 3
You will need to tell your employer or anyone else who makes regular payments into your account to redirect these to your new account (we will provide you with a form of Credit Redirection letter to facilitate this), unless you have authorised us to contact them on your behalf.
Your old bank will cancel any Standing Orders or Direct Debit mandates from your account on the switch date.4
If requested by you, the remaining balance in your old account will be transferred to your new account with us and your old account will be closed. We will let you know that the process is complete.
If you are switching out to an EU based financial institution, we will share a list of active direct debit, standing order and regular credits from your existing account over a period of the last 13 months.
1Building society or service provider
2Sterling Current accounts only. Standing Orders and Direct Debits are not available for HSBC Private Bank (UK) Limited Multi-Currency Accounts
3To the extent we receive the necessary information enabling us to do so
4The 12 day period excludes the time it takes for third party service providers to set up Direct Debits on your new current account. To allow for this activity, and any unforeseen delays generally in obtaining the information necessary to complete a switch, we request that your selected switch date is no less than 20 working days for Current Accounts and no less than 15 working days for multi-currency accounts.
For more information about Switching Manually please contact your Relationship Manager.
At HSBC Private Bank (UK) Ltd, our aim is to ensure that all of our clients are pleased with the service we provide, but we recognise that sometimes things can go wrong. The best person to raise your concerns with is your Relationship Manager, as they know you best and should be able to help you immediately.
Once we receive your complaint, we will acknowledge this promptly in writing. We are committed to investigate the issues raised with diligence and impartially. We will respond to you as soon as possible, but if the investigation takes longer than expected we will keep you informed of any delay.
Our aim is to resolve all concerns internally, however, if you are not satisfied with our final response or if eight weeks have passed since you first raised the matter with us, you may have the right to refer your complaint to the Financial Ombudsman Service. You have six months from the date of our final response letter to refer your complaint to them.
The Financial Ombudsman is the independent body that looks into disputes between consumers and financial businesses. It looks at what's happened and gives an independent view on the situation. You can find out more or contact them directly in the following ways.
You can write to:
The Financial Ombudsman Service
Or by calling them on: +44 8000 234 567 or +44 300 123 9 123
Or by sending an email to: firstname.lastname@example.org
The Financial Ombudsman Service can also be located online.
For non-UK clients, you should raise any complaint or concern you have with your relevant adviser in the first instance.