What file format is this '.hex' file, is it an SRecord?
Also not sure what "-FL" refers too.
Anyway the problem is very likely that the '.hex' file is using global addresses and the debugger is expecting paged addresses.
E.g. 0x7F8000'G == 0xF88000.
How is the .hex file generated, can it be generated with paged addresses instead?
(or can you download a elf file instead?)
Also search the forum for the addresses spaces.
Daniel