This just happened to me too (Score 3, Informative)

Unfortunately, I also have a business account with HSBC, and was brought into the 'Safeguard' process on 21 JUN (under threat of account closure).

After making an appointment, I spent a long time on the phone for a very detailed interview about by business and how funds arrive and why they leave the account. There were some oustsanding documents required, I was assured an email would be sent to follow up, detailing what was required. It never arrived, I learned later that the the person taking the call managed to miss-spell my email address and website, and the bounce of non-delivery wasn't understood/actioned.

After some time passed, phoning to enquire about status I eventually got an email request for more information on 2 AUG, that I supplied. After 7 days I asked for an update, I got a HSBC response that the review is with the Processing Team. This matters, as the people you can actually talk to are HSBC, it seems communication is all never direct between Processing Team and us, the customer. Anyway, 18 days later I declare my unhappiness by email, and get .... nothing.

On 30 AUG I get another request by email for info, that I reply to, and ask for an update given the near zero communication. A few days into SEP I get the final notice:

"IMPORTANT NOTICE: Suspension of your payment services and closure of your HSBC Business Banking / Corporate accounts."

Well **** me, stuff got real. I phone HSBC (they cant respond or comment because the processing team is dealing with it and there is nobody available). Awesome.

Despite continued efforts to communicate with HSBC over Safeguard, their inability to communicate effectively with me, has resulted in my business accounts being put on notice for closure! At this point, one has to start implementing contingencies, as there is now a very real chance that this ineptly implemented bank process will actually kill my accounts / business.

I'm gob-smacked by how this process has been handled, what the hell is wrong with these people? I've logged a formal complaint for the good it will do. Meanwhile, contingency planning is now in action - I can't put faith that I will receive a letter that this was all a terrible mistake. I have 8 weeks from now before my business gets killed.

If you use HSBC for business banking and receive money from all over the world, be very afraid, they are not in your corner. Diversify your business banking as a matter of priority, no one bank should hold all your company assets and payments.