HSBC bosses to face more MPs for another interrogation on tax

Tim Wallace
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HSBC’S chief executive and its former private banking boss will answer questions in parliament on Monday over the group’s Swiss private bank.

The Public Accounts Committee, headed by Margaret Hodge MP, has summoned chief exec Stuart Gulliver and ex-global private bank boss Chris Meares, as well as HSBC non-executive director and BBC boss Rona Fairhead.

It follows a series of revelations over the help the Swiss private banking unit gave to clients who wanted to hide assets overseas to evade taxes in the mid-2000s.

Gulliver has already faced MPs on the Treasury Select Committee.

The announcement of the new hearing came as HSBC revealed Gulliver received 365,864 shares this week, worth £2.1m.

After HSBC’s bosses have spoken to MPs, senior HM Revenue and Customs boss Edward Troup and ex-permanent secretary Dave Hartnett will also give evidence.

Their appearance follows that of HMRC boss Lin Homer.

HMRC has chased up hundreds of millions of pounds in unpaid taxes, but MPs are concerned the process was too slow and too few prosecutions have resulted.

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