HSBC Launch Investigation into Palm Oil Company

Tag Archive: HSBC

  1. HSBC Launch Investigation into Palm Oil Company

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    HSBC have triggered an investigation into Noble Plantations following allegations that the company was planning to clear thousands of hectares of rainforest in Papua for the cultivation of palm oil, in what is being hailed as the first for a major bank.

    HSBC have asked the Roundtable on Sustainable Palm Oil (RSPO), a sustainability body for the palm oil industry to investigate the claims, which would result in significant damage to one of the world’s most vital and varied habitats. The tip off came from campaigning organisations the Environmental Investigation Agency and Greenpeace, who wrote to four banks linked to a £580m bond issued by the Noble Group.

    Those bodies asked HSBC, ABN Amro, ING and Rabobank to take action against Noble Plantation’s plan to clear an astonishing 18,000 hectares of rainforest. Whilst none of the banks chose to make a formal complaint, HSBC thought it serious enough to forward the documents on the RSPO, which instigated a probe into Noble Plantations. A HSBC spokesperson said that the bank “is keen to ensure that the RSPO’s standards are observed and that any credible allegations of non-compliance are investigated”.

    Palm oil is a common component of a dizzying array of everyday consumer products from lipstick to sliced bread, shampoo to margarine and ice cream to detergent. It’s also a large driver of deforestation across the world. As of 2017, palm plantations cover an estimated 27m hectares of land, a number which increased by an average of 270,000 a year, according to one study.

    An RSPO spokeswoman said “Given the seriousness of the allegations and supporting documentation, the RSPO has advised the company to stop all further development on the concession pending full independent investigations and assessment by RSPO, and possible referral to its complaints panel.”

    Greenpeace joined the chorus of campaigns and customers on the contact HSBC line who congratulated HSBC on their principled stance on this issue, saying that “After years of turning a blind eye, the financial sector is finally starting to take a tougher line on rogue palm oil companies,”

    The news comes after Greenpeace named HSBC in their “Dirty Bankers” report, which accused them of providing funding to palm oil companies who help contribute to environmental destruction. In response to that report, HSBC announced a stricter lending policy, based on a “no deforestation, no peat, no exploitation” commitment, whilst suggesting that “the financial sector can play a greater role” in helping to prevent deforestation.

    Numerous reports have been made by sustainability organisations regarding the links between investment funds and palm oil. Allan Pearce of Trillium Asset Management remarked “Palm oil supply chains are perhaps the clearest example of where investors have seen the environmental and social impacts translate into financial risks. Investors have seen share prices drop as producers fail to protect forests.”

    Following HSBC’s decision to adopt a more ecologically sound investing approach, other major banks have begun to make the shift too, including BNP Paribas, who last month announced a new set of guidelines around palm oil investment.

  2. HSBC Voice Security Breached by Twin

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    If you’re a customer of HSBC or First Direct, you’ll know that by the fourth of fifth call you make to the company, they offer you the option to move to voice recognition security. Designed to help customers avoid remembering passwords, the voice recognition software uses a database of your vocal patterns to create a profile which automatically checks you against their system.

    Upon launch, HSBC’s head of retail banking said that the system was secure, saying “just like your fingerprint, your voice print is unique”.

    However, it now appears that this ostensibly secure system is easily breached, after a BBC investigation found that a customer’s twin mimicking his voice could gain access to his account.

    The investigation was carried out by BBC Click reporter Dan Simmons, who set up a HSBC voice-ID authenticated account and found this his non-identical twin, Joe, was able to fool the system.

    It’s bad news for HSBC customers who currently use the HSBC contact number to perform telephone banking functions, and HSBC have said that they’ll review security on their voice-accessed systems following the breach.

    One key issue with HSBC’s system is that it doesn’t place a cap on the number of attempts you can use to log in with your voice. Joe Simmons tried seven times to mimic his brothers voice before HSBC let him into the account on the eighth attempt. The bank said that in the future, users will only be allowed three attempts to access the account.

    The HSBC system asks users to say “my voice is my password” into the phone, which is then matched to an original recording of the person’s voice, allowing access to their account.

    According to the BBC, Joe wasn’t allowed to withdraw money, but he was able to access balances and recent transactions, and was offered the chance to transfer money between linked accounts.

    Voice ID is currently being rolled out to 15 million HSBC and First Direct customers. At launch, HSBC said: “The technology is now the ultimate way to bank safely and securely, without the need for passwords. With a couple of choice words, banking with HSBC is as easy as being yourself.”

    However, following the breach, HSBC retained their bullish stance around the security, saying: “The security and safety of our customers’ accounts is of the utmost importance to us and Voice ID is amongst the most secure methods of authenticating customers.

    “The introduction of this technology has seen a significant reduction in telephone fraud, and has proven to be more secure than PINs, passwords and memorable phrases. Our VoiceID system does allow us to make changes to different security settings, and following a review we have made changes to make it even more secure.”

    HSBC do have a point in this regard, because it’s unlikely fraudsters would ever use this method to get into your account. The BBC managed to do so with a twin mimicking his voice, but nearly all fraud is committed by strangers who would have no idea how you sound.

    Indeed, even if they managed to get a voice recording of you saying the entry phrase, HSBC’s system is sophisticated enough to distinguish between natural and recorded vocals.

    So, should you be worried? We don’t believe so, however, it’s a stark reminder that no security system is without flaw.

  3. HSBC Roll Out Automated Advice for Small Savers

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    HSBC is taking the bold step of offering online investment advice for thousands of its UK customers with small savings pots automatically, as it aims to join the growing ranks of consumer banks re-entering the market after a number of mis-selling scandals damaged their reputation.

    The banks move into so-called “robo-advice” will include a personalised service, aimed at providing low-cost investment help online for those with savings less than £15,000, without putting undue pressure on the HSBC contact number. If successful, it could reignite HSBC’s dwindling consumer investment arm and help reassert the bank as a UK leader.

    They aren’t alone though, as all of the UK’s high street banks are currently launching online advice sites having withdrawn from offering face-to-face-investment advice to small savers some time ago.

    At the time, this meant that many savers without huge sums to invest were left without guidance, an issue that the Treasury flagged up in 2016, pointing to the number of people looking to invest but don’t have the required sums to access that advice from the banks.

    Taylan Turan, the head of HSBC UK’s wealth management business said that the online service being launched by the company was aimed at providing fast and low-cost investment advice, specifically tailored to customers’ needs.

    But how does that “tailored” investment advice get generated? Well, upon visiting the website, customers are asked questions regarding their financial circumstances, their goals and their debts which will feed into algorithms which will then recommend investments, from a range of risk-rated funds, holding shares, bonds or others.

    HSBC have said that the advice given will draw from internal funds and from those managed by third parties. Mr Turan said: Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of “The entry point is going to be significantly lower than £15,000, so any customer with any kinds of savings, suitable to consider investments, can gain access to this advice.

    “It’s personalised as two customers with the same amount of potential investments will not necessarily have the same recommendation, even if they have the same risk profile… we are one of the first to do this.”

    Nevertheless, HSBC do intend to charge for this service, which may turn away the very lowest savers who are merely interested. They’re also remaining tight-lipped about the charges, merely saying that they’ll be transparent and competitive.

    HSBC have also made clear that they won’t be dispensing with their 550-strong team of face-to-face financial advisors, who are deployed to help customers with savings of more than £50,000 on issues like tax, investing and pension planning. However, with advancements in machine learning and computerised customer service, we could see the £15,000 maximum lifted in order to save HSBC time and money.

  4. HSBC Contact Number 0844 381 6303

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    Calls cost 7p per minute plus your phone companies access charge. We are not affiliated with this or any company listed on this website. Callers must be over the age of 18.

    The HSBC customer service telephone number 0844 381 6303 is designed to allow customers to receive all help and assistance whenever they require it.

    As one of the most renowned banks operating on an international scale, HSBC can find themselves inundated with enquiries. The number that we list on this website will connect all callers to the HSBC customer services department which deals with specifically UK accounts – both business and personal accounts.

    HSBC Customer Service Number | HSBC Contact Number UK - 0844 381 6303

    When the HSBC contact number is dialled the caller will be first connected through to an automated menu which requests that they select the option most closely related to their enquiry. This allows for HSBC to do a number of things – firstly connect the customer through to the member of staff which is most equipped to deal with the enquiry, secondly collect data regarding what customers are contacting the company with regards to and thirdly manage the incoming calls.

    The data that they collect then allows them to provide the information that is most commonly required, thus meaning that the caller may be able to receive the assistance they need without staying on the phone for long periods of time. The HSBC website provides information that customers are invited to access 24/7. While it is impossible to cover all of the bases, it is possible to provide a “frequently asked questions” section which does what it says on the tin – it answers all the questions HSBC are most frequently asked.

    HSBC Telephone Number – Call 0844 381 6303

    The reason that we supply a direct dial HSBC business contact number is in order to allow customers to speak with a member of the customer services team immediately. There are times when accessing information online is not the most convenient or efficient way to receive assistance, nor does it always offer the most extensive level of service.

    Customers can be confident when calling the HSBC credit card contact number because all of the numbers that Contact Telephone Numbers provide are structured in exactly the same way. All of the numbers are of a direct dial nature and are charged at the same basic rate.

    HSBC Customer Service Number | HSBC Contact Number UK - 0844 381 6303

    Calls cost 7p per minute plus your phone companies access charge. We are not affiliated with this or any company listed on this website. Callers must be over the age of 18. Many companies set different rates including connection fees so it may be that you are subjected to this, Contact Telephone Numbers is an independent company providing this service and cannot be held responsible for charges should the caller receive a different charge to the ones listed here.

    All callers must be older than 18 years of age and have the bill payer’s permission to place the call to HSBC customer services. It may well be that HSBC record all of their telephone calls so that they can use the instances as examples in training and so that they can use the phone calls in the future should either HSBC or the customer have a discrepancy regarding the account in question.

    HSBC Contact Number UK – 0844 381 6303

    When calling the HSBC customer services team it is advised that if you are an existing customer, you have your personal account number to hand so that the customer advisor is able to access the account in question as efficiently as possible. This allows for instant alterations to be made with the customer having to answer a seemingly endless list of security questions before gaining access to their account. If you are calling the HSBC premier contact number to establish an account it is most likely that you will have to visit your local branch in order to do this therefore having information to hand about when you are available for a meeting would help assist with the efficiency of this process.

    While the branches may not be open seven days a week they are open six, Sunday is the only day customers are unable to meet with an employee of the bank to discuss their financial situation. Therefore regardless of how each customers’ personal week is structured, they should be able to contact HSBC, even more so with regards to calling the HSBC customer service number as their telephone customer service team is available to be contacted seven days a week.

    Related Contact Phone Numbers:

    HSBC Customer Service Number – 0844 381 6303

    HSBC are able to offer a range of financial services to their customers, all you have to do is call the HSBC customer contact number listed on this website and you will be able to enquire about all of the products on offer. Whether you are a business or personal customer, looking to expand or minimise your finances, you can be sure that HSBC will have a bank account, loan, mortgage, credit card, graduate scheme to name but a few services they offer, that will suit your needs.

    Visiting the HSBC website allows the customer to access a certain amount of information about all of these things but calling the HSBC helpline should allow customers to receive a little more information about the services offered. The HSBC customer services team is dedicated to offering the highest level of service possible and the company structures its customer services team in order to populate the different divisions with enough advisors to deal with the incoming calls.

    When customers visit the HSBC website they can also find contact information that is not a telephone number, should they wish to contact HSBC using a different medium. HSBC try their best to provide a high level of customer service across the board but there are different levels of expectations for all the mediums and therefore it might be more suitable for customers to use the different mediums. On the website information for emailing, instant messaging and sending a letter through the post can all be found, so customers are not short of ways to contact HSBC customer service number.