HSBC Annual Results 2019 media release

[Wizard]

What remedy have you said you are seeking?

Maybe the Hong Kong shareholders will all sue the BoE for their lost dividend?

[monabri]

The remedy would be dividend reinstatement..I'm under no illusion that will happen.

[Wizard]

The remedy would be dividend reinstatement..I'm under no illusion that will happen.

Surely the only the HSBC Board can reinstate the dividend. So the remedy from the PRA is withdrawal of the threat of regulatory action if the Board does reinstate the dividend. I am not being pedantic, but the PRA will be, so if you ask for something they can't do they will likely use that against you.

[monabri]

Yes, your point is valid. However, the PRA are not going to back down because of a complaint from a grumpy ol' pensioner. I know that I am urinating into the wind!

[Wizard]

Yes, your point is valid. However, the PRA are not going to back down because of a complaint from a grumpy ol' pensioner. I know that I am urinating into the wind!

No, but as per above if tens of thousands of angry Hong Kong investors all pee in the direction of Threadneedle Street somebody could get wet.

[dealtn]

Well done monabri. The wording of Section 3.2 is very interesting and I too will now make a complaint. The loss is straight forward but I do not see the Bank of England making any monetary recompense unfortunately.

Dod

The "loss" isn't straightforward, unfortunately. I would think you would have a better claim, looking at Section 3.2 under "inconvenience".

[Dod101]

Well done monabri. The wording of Section 3.2 is very interesting and I too will now make a complaint. The loss is straight forward but I do not see the Bank of England making any monetary recompense unfortunately.

Dod

The "loss" isn't straightforward, unfortunately. I would think you would have a better claim, looking at Section 3.2 under "inconvenience".

I don't expect any compensation. I just want to cause them the maximum inconvenience.

Dod

[Dod101]

Glad to see the various bank chiefs giving up bonuses and so on. So they should I guess.

Dod

[digitaria]

I received a similar message to monabri and a request to specify my desired remediation.

I have stated that I want my dividend back and therefore I want them to withdraw their implied threat.

I'd be astonished if it makes any difference, but I can't help thinking that this issue needs more national scrutiny. Thousands of people are potentially affected, many of them are likely to be completely unaware. There are still ignorant talk radio hosts saying things along the lines of "we bailed out the banks and now it's payback time", which is a slap in the face for HSBC and its shareholders.

In the minds of many of the the general populace, shareholders are the fat cat rich and they can afford it. They don't realise that those impacted may be their elder family members or even themselves. HSBC is a very obvious holding for a retirement fund, whether you hold it directly or your fund manager does.

[Wizard]

I received a similar message to monabri and a request to specify my desired remediation.

I have stated that I want my dividend back and therefore I want them to withdraw their implied threat.

I'd be astonished if it makes any difference, but I can't help thinking that this issue needs more national scrutiny. Thousands of people are potentially affected, many of them are likely to be completely unaware. There are still ignorant talk radio hosts saying things along the lines of "we bailed out the banks and now it's payback time", which is a slap in the face for HSBC and its shareholders.

In the minds of many of the the general populace, shareholders are the fat cat rich and they can afford it. They don't realise that those impacted may be their elder family members or even themselves. HSBC is a very obvious holding for a retirement fund, whether you hold it directly or your fund manager does.

Not a challenge, but a genuine question. Do we know what proportion of current pensioners rely on dividend income? There will be some that live on just the State pension, there will be some with a supplemental income that comes from a defined benefit pension, there will be some with a supplemental income that comes from an annuity bought from a defined contribution pension. How many on top of that have dividend income? My guess is a small proportion but that is just a guess and I wonder if there are figures anywhere to support or refute my guess.

[Dod101]

I suspect that there are not many in the position of almost totally relying on dividend income for retirement income. In any case, the perception (even amongst some of my family members) is that you must therefore have a lot of capital to produce the required dividend. I tend not to talk about money. What they forget of course is that my capital is just my pension in a slightly different form and that pension funds fundamentally have the same problem and so their pensions are also at risk.

In any case, dividends can be considered the reward for risking capital in a joint stock venture.

If we could become a nation of shareholders that would put a different complexion on matters.

Dod