Hong Kong citizens suffering 'genuine hardship' says MP
The committee's report comes two years after HSBC chief executive Noel Quinn faced a grilling by MPs over the bank's operations in Hong Kong, its biggest generator of revenue and profit.
Giving evidence in January 2021, Mr Quinn said HSBC had to comply with the law and it was not for him to make a "moral or political judgment on these matters".
Alistair Carmichael, co-chair of the group of MPs, told Bloomberg:
This is no longer just about the interpretation of the law, this is about the fundamental rights of an individual to have access to their own property.
This is causing genuine hardship for people who have made the difficult decision to leave Hong Kong.
Good morning
HSBC has been accused of siding with Chinese authorities and denying Hong Kong citizens access to their money after moving to the UK, according to a report by MPs.
The report by the all-party parliamentary group (APPG) on Hong Kong said the bank had refused to provide documentation to thousands of people who had requested access to their pension funds.
The committee also demanded that the Government should condemn HSBC, Standard Chartered and other banks for backing China's National Security Law, which has prompted 88,000 Hong Kong residents to move to Britain amid a Beijing crackdown on pro-democracy protesters.
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What happened overnight
Asian equities jumped, while the dollar was on the back foot after less hawkish than feared comments from Federal Reserve chairman Jerome Powell lifted sentiment and fuelled investor hopes the central bank may soon ease monetary policy.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.7pc higher. The index is up about 8pc for the year after shedding nearly 20pc last year. Australia's S&P/ASX 200 index rose 0.4pc.
Tokyo's key Nikkei index ended lower as the market was weighed down by a higher yen against the dollar and lacklustre earnings reports from some corporate giants.
The benchmark Nikkei 225 index slipped 0.3pc to close at 27,606.46, while the broader Topix index added 0.1pc to 1,983.97.
US stock markets closed higher after Federal Reserve chairman Jerome Powell indicated that last week's strong jobs report alone isn't likely to change interest rate forecasts.
However, Mr Powell signalled that further interest rate rises could be necessary if the Federal Reserve continues to receive higher jobs reports or higher inflation reports.
The Dow Jones Industrial Average closed 0.8pc higher at 34,156.69 points, while the broad-based S&P 500 increased 1.3pc to 4,164.00. The tech-focused Nasdaq Composite Index climbed 1.9pc to 12.113.79 points.