Investment and Wealth
Terms and Conditions
HSBC Bank Plc Channel Islands and Isle of Man
and Expat (including Hong Kong)
Eective from
December 2022
HSBC Bank Plc Channel Islands and Isle
of Man and Expat (including Hong Kong)
Investment and Wealth
Terms and Conditions
6. Fees and charges 27
6.1 Amounts you pay and our commissions 27
7. Ending our relationship 29
7.1 Suspending or closing your investment
account 29
7.2 What happens to my investments? 31
Section B
8. Terms for investment funds 32
8.1 Our role 32
8.2 Subscribing 33
8.3 Aggregation and rounding 33
8.4 Sell and repurchase 34
8.5 Default of fund provider 34
8.6 Foreign exchange 34
9. Terms for insurance products with an
investment feature 35
9.1 Our role 35
9.2 Information you provide 36
9.3 Premium payments 36
Other information 37
Sustainability 37
Amendments 37
Assignments and transfers 37
Governing law 38
How to make a complaint 38
Contents
Welcome 3
Who we are 3
How to contact us 4
Data privacy 4
Section A
1. Who are these terms for? 5
2. Our services 6
2.1 Our advisory service 8
2.2 Our non-advisory service 10
2.3 Nominee service 11
2.4 Communication between us 14
3. Your investment account and
statements 15
3.1 Joint investment accounts 15
3.2 Investment statements 16
4. What we do 17
4.1 Carrying out your instructions 17
4.2 Client monies and deposit protection 21
4.3 Other actions 21
4.4 Set-o and lien 21
4.5 Using third parties 22
4.6 Conflicts of interest 23
4.7 Our liability to you 24
4.8 Our relationship with you 24
5. What you do 25
5.1 When investing in an investment or
protection product 25
5.2 Tax, legal and accounting advice 26
5.3 Residence 26
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Welcome
‘We’ or ‘Us’ includes:
Any member of the HSBC Group; and
Anyone appointed by us to act on our behalf
Who we are
We are HSBC Bank plc, a company registered in England and acting through separate
branches in each of Jersey, Guernsey (including Sark and Alderney), the Isle of Man and
Hong Kong. We are regulated by the Jersey Financial Services Commission for Banking,
General Insurance Mediation, Fund Services and Investment Business in Jersey, the Guernsey
Financial Services Commission for Banking, Insurance Intermediary and Investment Business
in Guernsey and licensed by the Isle of Man Financial Services Authority for Deposit Taking and
Investment Business in the Isle of Man and the Hong Kong Monetary Authority in the Hong
Kong Special Administrative Region.
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How to contact us
For Expat customers
HSBC Premier
+44 1534 616 313
HSBC Advance
+44 1534 616 212
For Channel Islands and Isle of Man customers
+44 3456 006 161
From outside the Channel Islands and Isle of Man
+44 1470 697 139
Data privacy
HSBC takes your privacy seriously. For details of how we treat your personal data, please see
our Privacy Notices.
For some products, we may need to ask you for sensitive personal data such as information
about your health. We will generally seek your consent to process this data.
For Expat customers
expat.hsbc.com/privacy
For Jersey, Guernsey and Isle of Man customers
ciiom.hsbc.com/legal
For Hong Kong customers
expat.hsbc.com/content/dam/hsbc/mbos/docs/personal-data-privacy/hk-notice-personal-data-
ordinance.pdf
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Terms and Conditions
1. Who are these terms for?
Section A
These Investment Terms (“Terms”) are the agreement between you and us governing the
advice and services we may provide to you.
They, together with your acknowledgement to the service of your choice and the document
entitled “Menu of Services” form a single agreement, which governs and provides the scope
of our relationship with you and the authority you give us to act for you.
We will classify you as a retail client under the applicable laws and regulations of Jersey,
Guernsey and the Isle of Man. If you instruct us to make investments on your behalf with a
third party or you purchase a protection policy through us, we will be acting as intermediary
(meaning we will help arrange the purchase between you and the provider, but we won’t hold
the investment or protection policy for you once you’ve purchased it) for you or the third party
insurer, respectively.
A person who is not a party to these Terms will have no rights to enforce or enjoy the benefit of
them or any part of them.
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2. Our services
In order to provide you with services under these Terms, you must open and maintain at all
times a relevant HSBC bank account with us. We will advise you which HSBC bank account
will apply to you, depending on your location and the services you wish to receive. Your HSBC
investment account and the corresponding HSBC bank account must be in the same currency,
meaning your bank account(s) must match the currencies of the fund(s) you hold. If you do not
hold or maintain your HSBC bank account, we may no longer agree to hold your investment
or provide services to you under these Terms. Your HSBC bank account is subject to its own
product terms and conditions.
We provide:
Advisory services
Where we advise you on which products (including protection insurance policies) might be
suitable for your investment goals or needs based on our expertise as wealth advisors.
Non-advisory services
Where we invest in, buy or sell a product when you tell us to. We will not provide you with advice.
Our non-advised services include the “Execution Only” and “Execution Only – Guided” services.
Nominee services
Where we hold an investment securely on your behalf in a HSBC nominee entity.
We make available products made or issued by us or third parties. We oer our services in
respect of a limited number of products and types of products, including those provided by
members of the HSBC Group.
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You’ll deal directly with us for:
Advice on investing in products or buying protection insurance policies;
Your investment account which details the investment products we hold for you;
Our nominee services; and
Giving us instructions in relation to your investments or your protection policies (apart from
cancelling the policies, where the provider is generally your first point of contact)
Investments made directly with the product provider outside our Nominee
If you make an investment that is held in an insurance wrapper or take out a protection policy,
you will enter into a separate arrangement with the product provider and they will provide the
service to you directly. You may also ask us for a list of the companies and products we oer
advice on.
You’ll deal directly with the product provider for complaints regarding investments held outside
our Nominee and in an insurance wrapper or bonds.
This provision does not limit your general right to make complaints to us. We explain further
below in these Terms how you can make enquiries or complain if you are dissatisfied with
products or services you have received from us pursuant to these Terms.
We’ll make details available upon request of:
The amount of remuneration we receive as a result of our relationship with you or as a result
of transactions we undertake on your behalf;
Our experience and track record;
The educational and professional qualifications of any of our employees directly involved in
providing services to you;
Our conflicts of interest policy; and
You’re able upon request to inspect copies of contract notes, vouchers and entries in books
or electronic recording media relating to our transactions with you, which we’ll maintain for
at least ten years. We won’t advise you to use the services of any associate of ours without
disclosing our relationship with them
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2.1 Our advisory service
(a) What is our advisory service?
We will provide you with advice about suitable products based on your personal circumstances
such as understanding your:
Financial situation and needs;
Knowledge and experience of investments;
Investment objectives;
Life insurance objectives;
Attitude towards and tolerance of investment risk; and
Preferred time horizon for investing (meaning for how long you wish to invest)
Our advice is only valid at the time and date it is given and may not be relied on at a future date.
The decision to invest in a product or proceed with a life protection policy is yours but we’re
here to help if you have questions or concerns.
Our advisory service does not include:
Transactions where you have received advice from us but:
– A third party purchased the product; or
– You invested in a dierent product not covered by our advice;
Ensuring previous investment advice remains suitable;
Medical underwriting for protection policies and claims assessments;
Monitoring investment performance;
Any guarantee of future product performance, or that a product will meet any particular
objective (e.g. regarding sustainability);
Ongoing investment advice; and
Updates about suitable future investment opportunities
With the exception of the Core Multi-Asset Solution (a product available through our advisory
services) our service does not include continuous monitoring or periodic review of your
investments or protection policies. Should you return to us for new or additional investment
advice after having received such advice from us previously, we would review the advice
previously given to assess whether it remains appropriate for you.
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(b) Your information
Our advice is based on your personal information. That information must be complete, accurate
and relevant at the time we give you advice.
We are also required to verify your identity in accordance with applicable laws and regulations.
Our requirements may vary from time to time and in dierent places. In order to manage the
risk of financial crime, we also undertake checks, screenings, investigating the source of funds
used to make your investments, or the recipient of investments or the proceeds of investments
and other matters.
If we ask you for further or updated information about you, you must provide this to us
promptly and in full. You must not omit information that may relate to your dealings or
investments with us.
If your information changes:
You must tell us, particularly information:
– Relating to your residence or nationality; and
– We use to contact you like; telephone, mobile or email address
You must also tell us if you are, or are about to become, a US person, meaning a US citizen,
US resident or US taxpayer. We may not be able to provide (or continue providing) some or
all of our services if you are or become a US person
We won’t use that information to review your existing investments or protection policies
If your information is incomplete, inaccurate or no longer relevant:
We cannot advise you properly
Recommended products may not be suitable for you
We won’t be responsible for any resulting losses in these circumstances
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(c) Information we send you
We may send you marketing, investment or life protection policy research or other product and
services information, however we are not recommending those products for you. If you give us
information which causes us to identify a need for other financial services, we may refer you to
another HSBC Group business, or a third party, who may be able to oer you that service. In
some cases, and only where we are permitted to do so, we may receive a referral fee, in which
case this will be disclosed to you in advance.
If you do not wish to receive marketing information, the privacy policy for the place you live in
will tell you how you can opt out of it.
If you are an HSBC Expat customer, we also provide a range of tools, guides, rewards, services
and other benefits (“Features”) which an account holder may be able to enjoy as part of
banking with HSBC Expat. The Features available to you might depend on your customer
tier status, investments or products you hold with us or the place you live in. You can find
further information on our website www.expat.hsbc.com or by contacting your HSBC Expat
relationship manager.
2.2 Our non-advisory service
Our non-advisory service, which involves the “Execution Only” and the “Execution Only –
Guided” services, excludes any advice or recommendation. We buy or sell investments if you
instruct us to do so and don’t advise whether they’re suitable for you. You need to satisfy
yourself that these are suitable for your investment needs.
If you would like our assistance choosing an investment or suitable protection policy, then you
must use our advisory services.
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2.3 Nominee service
(a) What is our nominee service?
When you ask us to make an investment for you, unless we tell you otherwise, we will hold
the investment in our nominee, which is a HSBC legal entity specifically designed to hold
investments. Our current nominee company is HSBC Client Nominee (Jersey) Limited, a
company incorporated in Jersey with registered number 1503, having its registered oce at
HSBC House Esplanade St Helier, Jersey JE1 1HS.
Investments may be held by a third party clearing system depository. We’re not responsible for
any losses suered whilst your investments or cash are held by a clearing system depository
unless those losses are caused by something done by us or someone appointed by us.
(b) What does our nominee service provide? Registering investments
and record keeping
When using our nominee service, you agree that your investments:
Will be registered and recorded in the name of the nominee; and
Will be recorded so they can be identified separately from other pooled investments
Ongoing administration and dividends
We will manage dividends, distribution and other income in relation to your investment
(together, your “dividends”) and report this to you. The relevant prospectus of your fund
or product will provide more information about any dividends which may apply to your
investment. Generally, “accumulation” funds or share classes don’t pay dividends, but
“distribution” funds or share classes may do.
You can decide whether you want us to pay your dividends out to you when they arise, or reinvest
them in the same fund(s) on your behalf, free of charge. If you haven’t told us your preference,
one will be selected by default. You can find out what option has been selected by checking
on your International Investment Centre account. You can also change your selection at any
time by calling our Contact Centre. Please note the decision you make will apply to all your
investments (it isn’t possible to have some dividends paid out and others reinvested).
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All such payments will be made by telegraphic transfer to your Nominated Bank Account
(defined further below). We will not make dividend payments to a third party account. If you
have chosen to reinvest your dividends, we will do this by first paying the money to your
Nominated Bank Account, and then removing it again to make the reinvestment.
Receipt of notices or corporate actions
A corporate action is any event that triggers certain changes to a company aecting its shareholders.
We will use reasonable endeavours to notify you of any corporate actions, for example income
distribution and fund mergers, relating to shares.
If we receive a corporate action or information relating to your investments concerning an
annual, extraordinary or special general meeting, we will not exercise any voting rights on your
behalf, nor will we notify you of any meetings or forward copies of reports to you.
Insolvency event
If the nominee becomes insolvent, your investments will likely be protected because:
We adhere to client asset laws and requirements; and
Our records identify you as the owner
Shortfalls
Shortfalls may happen where a third party fails to pay cash or deliver investments recorded as
being allocated to you. We review your recorded investments to resolve any discrepancies or
shortfalls identified.
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Ending the nominee relationship
You may end the nominee relationship at any time by clearly telling us in writing. If this happens:
You must tell us where to transfer your investments; or
We may sell your investments and pay you the proceeds of sale. If you do not hold a bank
account in the same ownership and currency as the investment at the time of the sale, we
will hold the proceeds until you instruct us where to make payment. Interest won’t be paid
on the proceeds whilst we hold them
We may also end the nominee relationship. We explain how this may occur below in the
section on termination.
(c) Client assets
Title to any of your investments will be registered in the name of the nominee. Your
investments will be segregated from our property in order to protect your interests in
the event that we or the nominee fail. Should that occur, you will remain the beneficial
owner of the investments and title to the investments will be re-registered to you. We
remain responsible for the safekeeping of your investments in your account to the full
extent required by applicable client asset laws. We are responsible to you for the acts and
omissions of the nominee to the same extent as for our own acts and omissions
Your investments are registered with investments made by other investors. This means that
your individual investments may not be identifiable by physical or electronic documentation,
such as separate share certificates. We maintain records which enable us, at any time,
to identify separately your investments. An eect of pooling your investments can be
that, following a merger of one fund into another fund, your allocation may be fractionally
less than if your investments were registered in your own name. We have policies and
procedures in place to undertake checks and reconciliations of the records and accounts
of your investments and to resolve any discrepancies which are identified and to deal with
any shortfalls in your investments. Where we are responsible for any such shortfall, we shall
purchase assets as soon as reasonably practicable at our cost to correct your position. If
we or the nominee default then any uncorrected shortfall in the investments may be shared,
proportionately, among all investors whose investments are so registered
Documents of title from product providers for the investments, such as insurance policy
documents relating to insurance bond wrappers, will be held by us
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2.4 Communication between us
All our communications with you will be in English and you must communicate with us in English.
(a) How we can contact you
If you don’t tell us your preference, we’ll contact you by:
Email where we have your email address;
Secure message facility if you’re registered for internet banking;
Post; or
Telephone and SMS in certain circumstances, if we hold a phone number for you
We’ll use the most recent contact details you have given us. You must tell us immediately if any
of your contact details change.
Where we send something electronically, we’ll consider that you’ve received it:
Immediately where we send it to your:
– Email address;
– Secure message facility in internet banking; or
– Mobile telephone number
(b) How you can contact us
You can contact us in all the ways listed at the start of this agreement.
You should always leave time for giving instructions as you may not be able to reach us
immediately.
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3. Your investment account
and statements
When you invest in an investment product through us we’ll:
Open an investment account for buying, selling and managing your investments
(investment account),
Ask you to choose a bank account held with us in Jersey, Guernsey or Isle of Man for
payments and fees in connection with your investment account (this is the Nominated Bank
Account). You must open and maintain a Nominated Bank Account with HSBC at all times
and your Nominated Bank Account needs to be in the same currency as your investments.
You can open more than one Nominated Bank Account. If you do not maintain a Nominated
Bank Account, we may terminate this agreement or refuse to provide our services to you
and may sell your investments
3.1 Joint investment accounts
We’ll open a joint investment account in the names of all account holders if you wish to make
investments jointly with others.
We’ll need to obtain personal information (such as attitude to risk, knowledge and experience,
etc.) from both of you. We will need to provide investment advice to each and all joint investors
when going through the advised journey.
Although our preference is to speak to all joint investors together when gathering information
and providing investment advice, we understand it might not always be possible for all joint
investors to attend every meeting with us. If one of you is absent from a meeting, we may
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still proceed with the other joint investor(s) who are present, and update the absent party
afterwards. We will assume anyone who attends a meeting or otherwise provides us with any
information (including any personal data about the other joint investors) is authorised to do so
on behalf of all joint investors.
We will carry out investment instructions without checking with all joint account holders first.
If you wish for a joint investment account to be opened, the related Nominated Bank Account
likewise has to be a joint bank account in the same names and currency as the investment account.
3.2 Investment statements
We’ll send you statements about your investment every six months. These will show the recent
value of your investment and any transactions we have carried out for you.
To help our environment, we’re trying to reduce the amount of paper we use. This means we:
Will send your statements and confirmations electronically if you:
– Gave us your email address;
– Have registered for internet banking;
Will only send statements by post if you ask us to;
May charge you for replacement statements sent by post; or
May send one statement or notice where joint account holders all live at the same address
and have requested statements by post
Inform us as soon as possible if you think there are any errors or transactions which
you don’t recognise as being authorised by you in your statements. If you don’t let
us know promptly, we may be unable to take any action in relation to that error or
unauthorised transaction.
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4. What we do
4.1 Carrying out your instructions
You don’t have to accept our advice or recommendations, nor instruct us to make investments
for you. If you have asked us for investment advice and we have provided it to you, we will not
make investments or purchase products which we have not recommended to you.
Regardless of whether you are using our advisory or non-advisory services, if you wish for us
to make an investment on your behalf, you must give us your clear instructions to do so. We
will tell you how to do this and what form of instructions we will accept.
We may, in our absolute discretion, refuse to make an investment for you, provide you with a
protection policy product, or continue holding an investment/policy on your behalf. We might
do this because it may cause us to breach a law, regulation or obligation or for other financial
crime risk management reasons (including related to sanctions and/or our policies and
procedures for complying with them). Other possible reasons include where we believe you
may present a credit or other risk. These reasons are not exhaustive and we do not have to tell
you our reason for refusal.
Checking your identity
When we receive instructions from you we’ll check your identity according to our internal
standards and our legal and regulatory requirements and only act on instructions which
appear to be given by you.
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Acting on instructions
We’ll try to carry out your instructions promptly unless:
We don’t understand your instructions;
We don’t have sucient time to act before the relevant cut-o times for receipt of
instructions linked to the opening hours of:
– Our oces; or
– The market in which your order needs to be placed;
We have to undertake checks in order to comply with:
– Applicable laws and regulations (including relating to financial crime and sanctions);
– Market requirements; or
– Our own policies and procedures;
We suer a system outage or technological problem;
We suer events outside of our control which prevent us from carrying out your instructions
or completing an order execution promptly; or
We have suspended or closed your investment account
We will not act on an instruction we receive from you if we:
Find you have insucient money or assets in your account with us;
Are indefinitely unable to act due to any reason beyond our control;
Must abstain in order to comply with any:
– Laws and regulations (including relating to financial crime and sanctions) and/or our
policies and procedures for complying with them;
– Court orders; or
– Market requirements;
Do not receive information requested from you;
Believe the instruction is not yours;
Are aware you’re trying to short sell an investment;
Believe you have instructed us to sell investments or transfer or withdraw any money which
has not been credited into your investment account or your Nominated Bank Account
If we delay or do not act on your instructions, we’ll try to tell you as soon as possible. In some
circumstances we may not be able to tell you if we delay acting on your instruction. We are not
responsible for any loss you consequently suer.
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If we complete any transaction where you:
Have insucient money or assets in your account, or
We’re unable to deduct the money or assets from your accounts, then you’ll owe us the
shortfall in money or assets. We have rights of set-o and lien over your investments, which
allows us to recover debts you owe us and we explain this in more detail further below
If the provider of a product refuses to accept your application, we’ll:
Tell you as soon as we can; and
Arrange a refund or release of any money we’ve received in connection with your application
Changing your instructions to us
If you want to change an instruction, tell us as soon as possible. We may be unable to act on
your new instruction if we’ve already completed or started to carry out your initial instruction.
We’ll not be responsible for any loss you suer as a result.
Executing your orders
We may:
Set limits aecting your ability to give instructions;
Combine your order with others including our own:
– Where we reasonably believe this is in your best interests taking into consideration price,
cost, speed of execution, size, nature, etc;
– Which may result in you obtaining a less or more favourable price in a particular order
due to price movement; and
Arrange for a third party broker to carry out your transaction without telling you. We’ll be
responsible for their actions
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Settling a transaction
When settling a transaction, you may instruct us to deduct money from your account with us.
We will place these monies on hold to meet that commitment.
Amounts we receive from your investments will be credited to your Nominated Bank Account
in the currency of the investment. These funds may not be credited on the expected date of
receipt due to:
Time zone dierences between markets;
The actions of third parties involved in a transaction
Not having a bank account in the same name and/or same currency of the investment
Settlement periods may also vary due to the specific product or product provider and may be
beyond our control. You can find further details on settlement periods detailed in the product
providers’ prospectus which can be obtained through our International Investment Centre.
Validity of protection quotes
The price of the protection product depends on the pricings and fluctuations of an external
market, we’ll then provide you with a quote before you purchase the product. The quotation
provided is based on being accepted at normal rates and assumes no health issues. Subject to
medical underwriting or relevant health issues, the quotation could change or the acceptance
may be subject to exclusions. An oer letter with the options available will be sent to you prior
to you accepting and purchasing the protection product.
The HSBC Group or other product providers may oer some or similar products to the
investments or protection products we recommend or can make available to you and these
may be dierently priced.
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4.2 Client monies and deposit protection
Money we receive for investing in, selling or holding investments on your behalf is held by
us as banker in the Nominated Bank Account in your name. Subject to applicable depositor
protection schemes which may apply to your Nominated Bank Account(s), this means you may
lose this money if we become insolvent or similar.
Any investment made with us in Jersey is not protected by any compensation scheme in
Jersey or any other place. Equally, any investment made with us in Jersey is not protected by
the rules made under the UK’s Financial Services and Markets Act 2000 for the protection of
retail clients, including the UK Financial Services Compensation Scheme and the UK’s Financial
Ombudsman Service.
4.3 Other actions
You agree we may:
Return investments of the same class and nominal amount, but dierent serial number or
identification number as those received by us; or
Do other things which are necessary for providing the services
4.4 Set-o and lien
In relation to set-o, you authorise us to deduct any fees, due debts and other charges from
your Nominated Bank Account(s) or, in the absence of a Nominated Bank Account, any account
you hold in the HSBC Group. If you make a joint investment, you and all other parties will be
jointly and individually responsible for any amount you owe us.
In addition to any lien or other rights to which we may be entitled under any applicable law or
these Terms, we shall have a general lien over your investments in respect of all sums properly
due and payable to us by you under these Terms.
A lien is a right which entitles us to hold on to your assets in our possession where there are
sums properly due and payable to us by you under these Terms.
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We are entitled to enforce the lien by the sale and disposal of all or any part of your
investments in such manner and at such price as we may deem expedient, without being
responsible for any loss, and to apply the net sale proceeds of the investments in or towards
payment or the discharge of any sum or liability you owe us.
We will enforce a lien only if we have given 14 days’ written notice to you containing:
Details of the amount due and how it became due;
A request for payment of the sum due; and
A description of the part or parts of your investments which will be sold if you do not pay
the due amount in full within seven days
4.5 Using third parties
We may appoint others to perform the services on our behalf who may:
Be a member of the HSBC Group or a third party;
Be located in a dierent location to us or you;
Themselves appoint another person to perform the services; and
Receive information about you and your investments from us so that they can perform the
services for us
We may pay them for services provided to us. Some, where permitted by applicable laws,
may pay us fees or commissions for introducing you to them or we may grant rebates for
introductions from third parties to us. These payments will not aect the charges you are
required to pay us.
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4.6 Conflicts of interest
We are part of a global organisation providing a range of financial services. Your transactions
may involve another company in the HSBC Group or a person connected with us. They may
have an interest in that transaction which may conflict with your interests. The advice we provide
may include a product manufactured by another company in the HSBC group, likewise we may
make other products available to you which are manufactured by an HSBC group company.
We have established procedures designed to identify and manage such conflicts to ensure we
serve your interests. A key element of our conflict management procedures is that persons
engaged in dierent business activities involving a conflict of interest must carry on those
activities independently of one another.
Where necessary, HSBC also maintains arrangements which restrict the flow of information
to certain employees in order to protect its clients’ interests and to prevent improper access to
client information. HSBC may also deal as principal for its own investment account and may
be matching transactions with another client. Procedures are in place in order to protect the
client’s interest in this instance.
In some cases, HSBC’s procedures and controls may not be sucient to ensure that a potential
conflict of interest does not damage a client’s interests. In these circumstances, we may deem it
appropriate to disclose the potential conflict to you and obtain your formal consent to proceed.
However, we may decline to act in any circumstance where there is residual risk of damage
your interests or any other client’s.
You may have further questions which relate to the underlying procedures within HSBC and
how we manage conflicts of interest. If you do, please contact us and we’ll be pleased to
explain more.
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4.7 Our liability to you
We’ll not be responsible for any loss unless:
It was caused because we acted negligently, fraudulently or with wilful default; or
We failed to do something we agreed to do,
And the resulting loss you suered was of a type and amount we could have expected as a
result of our conduct
We won’t be responsible to you for any loss:
For actions, inactions, delay, mistake or default of any third party, including investment or
life protection policy product providers;
For events due to abnormal or unforeseen circumstances beyond our reasonable control;
Where we have to comply with any law, regulation or other obligation, including market
practice and conventions;
Where the value of any investment changes or does not follow past performance or does
not meet any projected, expected or anticipated results;
Where you suer a loss, whether directly or indirectly, as a result of you choosing to make
an investment which has not been recommended by us; or
Where you do not tell us information about you which might aect any advice we have given
4.8 Our relationship with you
When we provide services to you under these Terms (whether as principal or as agent) we:
Act as principal in relation to advice services;
Act as agent for transactions undertaken;
Do not act as your trustee; and
There is no fiduciary relationship between us
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5. What you do
5.1 When investing in an investment or protection product
You must ensure you:
Understand that:
– Investments and insurance products carry risks and that you have carefully considered
your own risk appetite and tolerance for potential losses
– The level and type of risk will depend on the type of product
Have received and read the product specific documents provided by us which explain
these risks
Fully understand a product and you are comfortable before purchasing or investing in it
Tell us if you don’t understand anything about a product or our services
Understand whether you are resident in a country where there are restrictions on you relating
to the purchase of particular products. Please seek professional advice if you are unsure
Do not hold any investments on behalf of any other person
Regularly review your financial planning needs
Understand if any investments are foreign investments, which may be subject to foreign
laws and may aect your rights relating to them
You must not:
Give security over your investments to anyone
Give any legal interest in your investments held by us to any other person
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5.2 Tax, legal and accounting advice
We don’t give tax advice. You are responsible for:
Getting your own tax, legal and accounting advice,
The payment of any applicable taxes,
Any other tax obligations you may have (such as filing requirements)
Certain countries have tax laws which apply outside of that country. You should seek
professional advice if you are unsure about your position.
We are not responsible for any of your tax or related reporting obligations. If for any reason we
have to pay tax for you, we’ll recover the amount from you.
5.3 Residence
Your nationality or residency may restrict the types of investments you can make. We may not
be able to make or hold investments for you if you are a resident or citizen of certain countries
from time to time. We may be required to sell your investment if you move to a country with
such restrictions.
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6. Fees and charges
6.1 Amounts you pay and our commissions
Our “Menu of Services” contains the amounts you must pay for our services. A copy of
our “Menu of Services” is available on our public website or by request.
Our services are provided to you on the basis that you will pay us a fee for our advised,
Execution Only – Guided or Execution Only service. We may also charge an account fee,
if provided for by our Menu of Services from time to time.
We will only receive a commission where we are permitted to do so. If we are permitted
to receive a commission or other payment from the investment provider, we will disclose
these to you before you decide to make the investment or purchase the protection policy.
We may also receive non-financial benefits and incentives from investment providers,
such as training and corporate hospitality. We maintain policies to manage these benefits
to prevent conflicts of interest between us and our customers.
The remuneration for sales sta is determined based on the individual member of sta’s
overall performance with reference to a wide range of factors and is subject to review from
time to time, for the purpose of encouraging the building of deep, long lasting, mutually
valuable relationships with our customers. Sta remuneration is not determined solely on
financial performance.
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If we charge you an advice fee, you will be liable to pay this when we provide you with our
advice. Our advice will set out our estimate of any fees and charges you must pay. If we charge
an account fee, you will be liable to pay this on a regular basis (e.g. monthly, quarterly or
annually) as described in our Menu of Services. You may need to pay other fees and charges,
including banking, transaction and dealing costs as well as taxes, duty and other fees incurred
by third parties in relation to any investments you make. We’ll deduct fees and charges from
your Nominated Bank Account(s) or from any other HSBC account you may hold under our
rights of set-o and lien explained above.
Sometimes we may need to convert money from your Nominated Bank Account to a foreign
currency when settling a transaction. We’ll use our market exchange rate available at that time
when we do this.
Our “Menu of Services” does not cover product fees, such as insurance premiums. You will
be given these costs before you invest in the product or purchase the protection policy. A
protection product or life insurance policy will require the premiums being funded from a bank
account in the same currency as the policy.
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7. Ending our relationship
7.1 Suspending or closing your investment account
You may tell us at any time if you want to close the investment we hold for you or cancel
a protection policy. For protection policies your first contact for cancellation should be the
product provider. In Hong Kong we are not permitted to assist you with policies which we
no longer sell or have an existing contract with the provider and you should engage with the
product provider directly.
You agree we may suspend or close your investment account (and/or any relevant
investment(s)) immediately if:
you:
– Breach these Terms;
– Don’t pay any amount owed to us in relation to the investment;
– Are declared bankrupt, your aairs are declared en désastre, or you have similar
proceedings brought against you;
– Die or become incapacitated (or a person holding an account jointly with you dies or
becomes incapacitated);
– Have given us incorrect or misleading information; or
– Are or become resident in a place where we can’t provide our services to you;
– Are in a dispute with a joint account holder or another person with authority to give
investment account instructions
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we:
– Are complying with any court order or law or regulation or our obligations in relation to
financial crime and sanctions (or our policies and procedures for complying with them);
– Don’t think you’re the owner the investment or we think you or someone else used our
products or services illegally or fraudulently;
– Suspect you’re involved in criminal activity; it doesn’t matter whether or not this is linked
to the investment;
– Could be exposed to action or censure from any government, regulatory or law
enforcement agency or any other reputational risk;
– Believe you are not, or cease to be, eligible for our services or we believe our services will
not be of value to you; or
– We believe we will not be able to properly provide you with our advice or
recommendations, or you have not made sucient time available to us, or have not
provided us with information we have requested
Otherwise, we may:
Close your investment account by giving you at least 30 days’ notice and without needing to
explain why
We have an obligation to detect, investigate and prevent financial crime (including money
laundering, terrorist financing, bribery, corruption, tax evasion, fraud, trying to get around
sanctions or attempts to violate laws or regulations) and we have implemented policies and
procedures in this regard:
In carrying out these obligations and following our related policies and procedures we may:
– Delay, investigate, block or refuse to act on your instructions; and/or
– Ultimately close your investment account and/or any relevant investment(s) with
immediate eect
We may not be able to tell you the reason for doing this
If we do this, we will not be liable to you or any third party for any loss suered
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7.2 What happens to my investments?
Termination will not generally aect the completion of any outstanding transactions we are
making on your behalf and you will remain liable for these.
Upon termination, subject to any legal or regulatory requirements, we will either transfer your
investments to another nominee if you instruct us to do so or we will sell them and pay you the
proceeds of the sale. We will pay the proceeds to your Nominated Cash Account in the same
currency as the investment and will not transfer any proceeds to third parties. If you do not
hold a Nominated Cash Account with us for any reason, this will cause delays for which we will
not be liable and no interest will be paid to you.
You must pay us all fees and charges which arise as a result of your termination, including any
additional expenses we incur to give eect to your termination.
If you don’t instruct us to transfer or sell your investments within 30 days, we will sell the
investment at any time after 30 days.
If your investment is terminated for any reason, you may receive less money:
For a fixed term product than if you held it for the full fixed term
Than you invested where that product does not guarantee return of all of your money
Because the sale price of the product may be low due to market conditions
We’ll not be responsible for any loss you suer as a result of termination. If we close your
investments and you do not hold a bank account in the same ownership and currency as the
investment, we will hold the proceeds until you instruct us where to make payment. Interest
won’t be paid on the proceeds whilst we hold them.
If we are prevented from selling or transferring your investments and/or making payment to you
by any law or regulation, we won’t be responsible for any loss you suer as a result of our delay
or refusal to act.
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8. Terms for
investment funds
Section B
This section applies when you invest in an investment fund. You should read these together
with the specific terms of the investment fund published and provided by the product provider.
These terms are not incorporated with the investment fund.
All investment funds are made available separately and directly by third party fund providers,
which could be a member of the HSBC Group.
8.1 Our role
If we’re selling an investment fund, we’ll:
Provide you with the information about that investment fund as given to us by the third
party fund provider
Answer questions you have about the investment fund
Help you with any questions you have about the application process
Accept your application for an investment fund and pass this to the relevant third party
fund provider
Send to you written confirmation of the investment
Our service does not include us:
Evaluating your application form; or
Guaranteeing the performance of a fund (including whether a fund will meet any particular
objective e.g. regarding sustainability) or the financial strength or behaviour of a third party
fund provider
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8.2 Subscribing
When investing in an investment fund you’ll purchase units (which may be shares or other
interests of an investment fund). A unit is one undivided share in the net asset value of the
investment fund (value of the investment fund’s assets minus its liabilities).
We refer to the purchase of units in an investment fund as subscriptions. Subscriptions may be
made in:
Those currencies we tell you about; and
Minimum subscription amounts that we tell you about when you buy units in the
investment fund
8.3 Aggregation and rounding
We may combine (aggregate) orders in respect of your investments with those orders of
other customers.
By aggregating your orders with those of other customers, we must reasonably believe that it is
unlikely that the aggregation would work overall to the disadvantage of any of those customers.
However, the eect of the aggregation may operate on some occasions to your disadvantage
in relation to a particular order.
When you subscribe for or redeem units or shares oered by a fund, the number of units or
shares dealt in will be calculated by dividing the money you invest by the price per share of the
investment fund. This calculation can be rounded to up to four decimal places. Such rounding
can sometimes result in a benefit for the fund or for the investor (you). Rounding is standard
industry practice and will also occur within a fund and stated in a fund house’s prospectus.
The price per unit or share for any transaction will be confirmed on your contract note.
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8.4 Sell and repurchase
We may charge a fee if you instruct us to sell and repurchase from one investment fund
(including between sub-funds of an umbrella structure) to another. We will tell you the amount
of any fee before acting on your instruction.
If you instruct a sell and repurchase, the transaction will be treated as a separate redemption,
followed by a subscription. This is in order to confirm the redemption settlement amount before
processing the subscription side of the transaction. Where that is the case you will be out of
the market in the period between the redemption and subscription trades being processed.
8.5 Default of fund provider
We may refuse to accept instructions or take any action in relation to units until we actually
receive them from the third party fund provider.
If we sell units on your behalf and the fund provider fails to send to us the money for such units
within 90 days after the intended settlement date, we shall recover the amount of the shortfall
between the money we receive for such units from the fund provider and the amount we put
into your account on the intended settlement date.
We’re not responsible for the third party fund providers.
8.6 Foreign exchange
Exchange rate variations may adversely aect the value of your investment where the currency
of the units diers to the currency of your Nominated Bank Account.
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9. Terms for insurance
products with an
investment feature
This section applies when you invest in an insurance product that provides life insurance coverage
plus an investment feature. They apply together with the relevant third party insurance product
documents including the insurance policy, product brochure, factsheet, illustrations, etc., which
provide full details of the insurance product features, terms of cover and risks. The insurance
products are all oered by third party insurers, which could be a member of the HSBC Group.
9.1 Our role
Where we are selling an insurance product, we’ll:
Provide you with information about that insurance product as given to us by the third
party insurer;
Answer questions you have about an insurance product;
Help you with any questions you have about the application process;
Pass your application for an insurance product to the relevant third party insurer; and
Send to you the insurance policy documents issued by the third party insurer
Our service does not include us:
Providing insurance cover on behalf of any third party insurer;
Guaranteeing your application for an insurance product (which is subject to the underwriting
by the third party insurer) will be successful;
Assisting with any claims made by you under an insurance product;
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Getting involved with any complaint you have with a third party insurer because you are
contracted directly with the insurer; or
Guaranteeing the return under an insurance product or the financial strength or behaviour
of a third party insurer
9.2 Information you provide
Information you provide to the third party insurer may become part of an insurance policy.
You must ensure all information provided to them is correct and complete. The information
you provide could influence the:
Decision of the insurer to accept your application;
Terms and conditions of the insurance product; and
Premium required to be paid by you
If you provide:
Incorrect or incomplete information; or
Fail to tell the third party insurer about any change to your information:
– After you have submitted an application form; but
– Before entering into an insurance contract;
– Then the third party insurer may subsequently reject any claim or declare the insurance
policy void
9.3 Premium payments
Under the terms of your insurance policy you may be required to pay periodic payments
(known as premiums) to the third party insurer. Where you instruct us to make those
payments for you, you must have sucient money in your Nominated Bank Account on the
relevant payment dates. If you don’t, we may not pay the premium payments and this may
result in the lapsing of your insurance policy.
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Other information
Sustainability
The HSBC Group is committed to taking sustainability criteria (such as environmental, social
or governance events and conditions) firmly into account with regard to the financial products
we advise on (amongst various other criteria). Our specialist researchers, analysts and due
diligence teams engage with product manufacturers (e.g. asset managers) to understand how
they integrate sustainability risks into their investment decision making processes and the likely
impacts of sustainability risks on the returns of their financial products. We also investigate the
potentially adverse impacts of financial products or investment decisions on sustainability factors.
Amendments
We may amend these Terms from time to time. If we think that change is favourable to you,
we will notify you of it shortly after it is made. Otherwise, we will give you at least 30 days’
notice in advance of the change coming into eect.
If you do not accept the change, you can terminate the services we provide to you under
these Terms.
Assignments and transfers
This agreement is personal to you and you are not able to assign or transfer your rights and
obligations under this agreement. We may assign and transfer all or any part of our rights and
obligations under this agreement (without asking for your consent) to any person we determine
is appropriately authorised and capable of performing the services under this agreement to at
least a similar standard (who may or may not be an associate of ours).
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Governing law
If you are an HSBC Expat customer, other than a Hong Kong resident, the laws of Jersey will apply.
If your investment is held with our Nominee in Jersey, the laws of Jersey will apply to the
administration of that investment. This means, for example, if you die, your executor may need
to obtain Jersey probate.
If you live in Hong Kong, the laws of the Hong Kong Special Administrative Region shall apply
to these Terms.
If you live in Jersey, Guernsey or the Isle of Man, the laws of the island in which you live and
the jurisdiction of those courts shall apply to these Terms, respectively.
How to make a complaint
If we do not provide the standard of service you expect, or if you think we have made a mistake,
please let us know so we can investigate, put matters right and take steps to prevent it happening
again. Please contact us using the details below.
What happens when you first complain?
We aim to resolve customer concerns and problems straight away, but more complex matters
can take longer.
Where we need to look into the matter in more detail, we’ll send you an acknowledgement
email within five working days. This will explain what will happen next and when you can
expect to hear from us again. When we’ve completed our investigation, we’ll contact you and
follow up with a full written response.
Although we will normally be able to resolve concerns much earlier, on occasion if we’re
unable to, we’ll contact you with an update on a regular basis. We aim to resolve your
complaint within 8 weeks of first receiving it and in any event within 3 months.
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By telephone, online, post
Telephone our Service Recovery Team
+44 1534 606 302
We’re here Monday to Friday, 8am – 5pm (UK time).
Outside of these hours, our 24/7 Contact Centre will assist you.
+44 1534 616 313
To help us continually improve our service, and in the interest of security, we may monitor and/
or record your communication with us.
If you’re an existing customer and use our Online Banking Service, you can use the Contact
Centre to send us a Secure Message once you have logged on. Alternatively, you can email us at:
expat.customer.relations@hsbc.com Service Recovery, HSBC Expat, HSBC House,
Esplanade, St Helier, Jersey JE1 1HS, Channel Islands.
What can you do if you’re not satisfied with the response to your complaint?
If you feel we haven’t resolved things properly, please tell us. We would appreciate one last
chance to put things right. If we’ve misunderstood something, a further review may help us
resolve the complaint to your satisfaction.
Alternatively, you can ask the Channel Islands Financial Ombudsman to review the situation.
The Channel Islands Financial Ombudsman is a free, independent service that looks into
disputes between financial businesses and their customers.
Our short letter of confirmation or written full response to your complaint will provide you
details to refer your concerns to the Channel Islands Financial Ombudsman; if you are going to
do this then you should do so within six months of the date of the letter.
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If you are an HSBC Expat customer or live in Jersey or Guernsey (including Herm, Sark and
Alderney):
Channel Islands Financial Ombudsman (CIFO)
Address: PO Box 114, Jersey, Channel Islands, JE4 9QG
Website: ci-fo.org
Email: enquiries@ci-fo.org
Telephone: +44 1534 748 610 Jersey
+44 1481 722 218 Guernsey / Alderney / Sark
Should you live in Guernsey (including Herm, Sark and Alderney) and your complaint remains
unsettled for longer than three months from the date we became aware of the complaint, you
may inform the Guernsey Financial Services Commission directly of the complaint at:
If you live in Guernsey (including Herm, Sark and Alderney)
Guernsey Financial Services Commission
Address: Glategny Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 1WR
Telephone: +44 1481 712 706
For accounts held in the Isle of Man, you may be entitled to refer your complaint to:
If you live in the Isle of Man
Isle of Man Financial Services Ombudsman
Address: Thie Slieau Whallian, Foxdale Road, St John’s, Isle of Man, IM4 3AS
Website: gov.im/about-the-government/statutory-boards/isle-of-man-oce-of-fair-trading/financial-
services-ombudsman-scheme
Email: [email protected].im
Telephone: +44 1624 686 500
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For concerns relating to our Hong Kong branch oce
You also have the right to refer the matter to the Complaint Processing Centre of the Hong
Kong Monetary Authority at 55/F, Two International Finance Centre, 8 Finance Street,
Central, Hong Kong.
For monetary disputes about a product, service or advice provided by our Hong Kong branch
oce, and which meet the eligibility requirements of the Terms of Reference for the FDRC,
you have the right to refer the matter to the Financial Dispute Resolution Centre (FDRC) at
Unit
3701-4, 37/F, Sunlight Tower, 248 Queen’s Road East, Wan Chai, Hong Kong.
In order to be eligible for resolution of disputes under the Financial Dispute Resolution Scheme
administered by FDRC, a written complaint must be filed with us and a final written reply in
respect of the complaint has been issued or no final written reply has been issued within 60
days. Also, the dispute must be of a monetary nature not exceeding HK$500,000 (including
any interest on any amount alleged to be a loss) or the foreign currency equivalent.
Complaints related to the HSBC Hong Kong branch
We aim to resolve all complaints as quickly as possible and generally within 30 days.
Occasionally, we may need more time but we will keep you informed. If you are still not
satisfied with the way we have handled your complaint, you have the right to refer the matter
to the Complaint Processing Centre of Hong Kong Monetary Authority (HKMA) at
55/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.
In respect of an eligible dispute, you may also refer the matter to the Financial Dispute
Resolution Centre (FDRC) at Unit 3701¬4, 37/F, Sunlight Tower, 248 Queen’s Road
East, Wan Chai, Hong Kong.
HSBC fully co-operates with the HKMA and the FDRC in its handling of complaints.
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Our Regulatory Details
HSBC Expat is a division of HSBC Bank plc, Jersey Branch: HSBC House, Esplanade, St. Helier, Jersey, JE1 1HS. HSBC Bank plc, Jersey Branch is regulated
by the Jersey Financial Services Commission for Banking, General Insurance Mediation, Investment and Fund Services Business. HSBC Bank plc, registered
in England and Wales number 14259. Registered oce 8 Canada Square, London, E14 5HQ. Authorised by the Prudential Regulation Authority and regulated
by the Financial Conduct Authority and the Prudential Regulation Authority. HSBC Bank plc, Jersey Branch is regulated by the Jersey Financial Services
Commission for Banking, General Insurance Mediation, Fund Services and Investment Business. HSBC Bank plc, Guernsey Branch is licensed by the Guernsey
Financial Services Commission for Banking, Credit, Insurance Intermediary, and Investment Business
HSBC Bank plc, Hong Kong Branch, is licensed by the Hong Kong Monetary Authority as an authorised institution and registered with the Securities and
Futures Commission to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities under the 7 Securities and Futures
Ordinance (central entity number: AFJ824). HSBC Bank plc, Hong Kong Branch address is at Level 5, HSBC Main Building, 1 Queen’s Road Central, Hong Kong.
Please note that these services are not subject to UK financial services rules and regulations. Further information about the regulatory regime applicable to
the services is available on request.
© HSBC Bank plc, Jersey Branch. 2023. All Rights Reserved.
