The chief executive of HSBC UK has urged people who are struggling with their finances to contact their bank, saying “we are there to help”.
The bank has announced a new initiative with housing charity Shelter, to support the financial health of people and communities during the cost-of-living crisis and “help break the vicious circle of homelessness”.
Encouraging people with financial worries to seek help, HSBC UK chief executive Ian Stuart said high street banks had made a large proportion of staff available to take such calls.
Mr Stuart told the PA news agency: “The earlier you phone your bank, the better and, certainly at HSBC, nobody will judge you.
“Everyone knows this has been tough. There will be no judging, we’ll just try our very best to help you through.”
Mr Stuart said whatever way people wanted to make contact: “We are there to help.”
Everyone knows this has been tough. There will be no judging, we'll just try our very best to help you through— Ian Stuart, HSBC UK chief executive
He added: “We’re also very aware that to make that first call is quite brave. So our people are trained to say thank you. They know it’s been a difficult one for customers. They know it’s probably been an emotional rollercoaster for a few weeks before that. So we’re ready to listen.”
He added: “The first call is the best call and the earlier you make it the better, as it gives us more time to help.”
Mr Stuart said: “We work with a lot of the charities and a lot of people would prefer to go through that route … but we are here, we’re absolutely here and we’re open and ready to help.”
He said customers had been accessing the bank’s online help pages and it had also been proactively reaching out to customers.
Asked about the impacts of the cost-of-living squeeze, he said HSBC UK had seen some changes in people’s habits but “nothing acute”.
Mr Stuart said people were shopping around for value, adding: “People are changing their shopping habits, you can see that through debit cards and credit cards, you can see how people are dispersing their money, being slightly more cautious. And I think that will continue for some time.”
Recent YouGov research among 2,100 people, commissioned by HSBC UK, indicated that 42% of people are more likely than before to search out offers and discounts.
Just over a third (37%) said they are replacing branded goods with cheaper or own-brand alternatives and 12% of people have missed meals to cut down on food spending.
Many mortgage holders across banks generally are on fixed-rate mortgages – and so they will not yet have felt the impacts of rates now being higher than the last time they took out a deal.
Mr Stuart said the bank regularly reviews its mortgage rates, adding that he remains “completely committed” to helping first-time buyers.
Mr Stuart said: “We will keep trying to get the best rates we can and give people the very best chance to get on the housing ladder.”
The partnership will help boost Shelter’s emergency helpline and webchat support. On average, more than 1,000 calls a day are made to Shelter’s emergency helpline.
According to the charity, eight in 10 callers to its emergency helpline are already homeless or at imminent risk of it. Through the partnership, Shelter will work with people with lived experience to develop digital guidance and tools to build people’s financial resilience.
The partnership will also help train volunteers in financial services to deliver financial resilience advice, HSBC UK said.
I wouldn't underestimate just how many vulnerable people there are in society today and I think we have to step up to the plate. We've got a role to play and I'm really proud of what we're trying to do— Ian Stuart, HSBC UK
Shelter will train more than 1,250 volunteers to deliver resilience training and signpost people to housing advice. This will help build financial resilience in local communities, reaching people in food banks and debt advice centres, for example.
Meanwhile, local pilot projects, initially in Birmingham and Blackburn, Lancashire, will target intervention in communities, reaching more than 3,000 people who are at higher risk of homelessness.
Shelter’s charity partners Shelter Cymru and Housing Rights will ensure people and communities in Wales and Northern Ireland are also supported through the partnership.
Referring to the partnership with Shelter, Mr Stuart said: “We feel humbled that we can help.
“I think it’s an important step for us … but I wouldn’t underestimate just how many vulnerable people there are in society today and I think we have to step up to the plate. We’ve got a role to play and I’m really proud of what we’re trying to do.”
The partnership will build on the work of HSBC UK’s “no fixed address” campaign, which has helped more than 4,600 people without a fixed home address to open a bank account and rebuild their lives after experiencing homelessness.
Mr Stuart said that campaign had “gone from strength to strength”.
He said he had spoken to people who did not have bank accounts until recently: “And suddenly they can look after members of their family, they can send money around, they can get some benefits, they’ve managed to get a job”.
Mr Stuart said financial health is critical for everyone “and right now financial resilience is probably the key part of that”.
He told PA: “If we can help local communities and take one more pressure point away from people by giving bank accounts and support, then it will be a success.”
Polly Neate, chief executive of Shelter said: “We’re thrilled to be deepening our partnership with HSBC UK so that we can reach more people at risk of losing their homes, and work with communities before they reach crisis point.”
