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Letter from the Cheif Executive regarding HSBC Panel Arrangements

2 February 2012

Dear Colleague

HSBC Panel Arrangements

As you will be aware, the Society wrote an open letter to our members on 20 January following the

announcement at the beginning of the year by HSBC of its appointment of Countrywide to act as its panel

manager and to establish a panel of some 43 firms.

In our letter to the profession, we set out the various steps that are underway and provided a template guide

to assist firms in contacting their MPs and contacting the bank.

The Society has also been contacted by a large number of firms who are contemplating transferring their

client account from HSBC.

The Society, which for these legal purposes is classed as a trade association, cannot properly make any

recommendations to firms about this. Legally, local law societies are in a similar position. The question of

moving banking arrangements from HSBC is a matter for individual firms.

We believe, however, that it is in the interests of our members to draw the maximum public attention to

HSBC’s decision and in particular to encourage member firms to contact their MPs and the bank.

We would hope that local law societies would agree with such an approach and take every opportunity to urge

all firms affected by HSBC’s decision to take that step.

Whilst naturally we will be taking every opportunity to seek to persuade and influence HSBC to reconsider its

decision, we are also preparing further materials to support our members in building the case against HSBC’s

new approach. I will write further about that in due course.

In the meantime, if we can provide any further assistance to any individual law society or should local law

societies have any other suggestions which you think might better influence a rethink by HSBC, I would be

delighted to hear from you.

Yours sincerely

Desmond Hudson

Chief Executive

Direct Line: 020 7320 5601

Direct Fax: 020 7320 5759

desmond.hudson@lawsociety.org.uk

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