I am very concerned to hear that HSBC will be closing its local branch on Tottenham High Road after 94 years in the community without consulting the local people.
I met with individuals from HSBC to urge them to reconsider their decision but was informed that it is in fact part of a wider closer programme across Greater London. They have closed 78 branches already this year, with a further 53 closures planned imminently.
The vulnerable, the disabled, the elderly and local tradespeople all rely on local bank branches and this closure will see the ordinary people of Tottenham paying the price for mistakes made by the HSBC management team.
I have tabled an Early Day Motion in Parliament expressing my deep concern and calling on the HSBC to reconsider its decision.
As I told the Mirror today:
“HSBC has been lurching from scandal to scandal in recent years, and now we see that ordinary people are paying for the mistakes made by HSBC’s well-paid executives.
“Last year we had the revelations that HSBC had been helping its Swiss clients to avoid tax, just the latest in a string of scandals involving HSBC that has included Libor rate fixing, a £1.2billion settlement over money laundering and a £2.8million fine for the mis-selling of PPI.
“HSBC’s customers will be very offended that the bank’s management didn’t feel it appropriate to consult with local MPs, councillors and the affected communities before taking these decisions.
“Surely it is only right that HSBC’s management team should take into account the views of their customers ahead of any final decision.
“After loyally paying in their savings and taking out mortgages with HSBC for decades, customers are being told to travel great distances if they want to access a branch and I have grave concerns about the impact that these closures will have on the elderly and the disabled, not to mention local businesses that rely on these branches.”
You can read the full article here.
The full text of the Early Day Motion is:
“That this House expresses deep concern at HSBC’s decision to close branches in Tottenham, Shenfield, Mitcham, Morden, East Dulwich, Waltham Abbey, Epping, Wickford, Welling, East Sheen, Stamford Hill, Stoke Newington, Stanmore, Worcester Park, Stanmore, Chigwell, Whetstone, Southfields, Mill Hill, Yiewsley, Gidea Park, Deptford, Wanstead, Chislehurst, Willesden Green, Harlesden, Clapham, Southall, Temple Fortune, Clerkenwell, Enfield, Ware, Tring, Chelsea, Tottenham Court Road, Cheam, Woodford, Edmonton, Thornton Heath, Selsdon and Caterham between January and April 2016; expresses grave concern that HSBC failed to consult with Members of Parliament, Council Leaders and the communities affected before announcing these closures; laments the loss of local banking that these closures will cause to many communities; notes that being able to access counter services at a branch while interacting face to face with staff is a service valued by many customers; notes that some of these branches have served their local communities for almost a century; notes that local customers have demonstrated a significant degree of loyalty to these branches over many years; further notes that banks must take customer interests into account when taking decisions that will affect their customers; regrets the particularly negative impact that these branch closures will have on local businesses and elderly, vulnerable and disabled customers who may struggle to travel to other branches and urges HSBC to hold an urgent review of their decision to close these branches in order to consult with the local communities involved prior to making a final decision”.