PMQs descends into mud-slinging match as Cameron and Miliband attempt to distance themselves from HSBC tax taint February 11, 2015 HSBC dominated Prime Minister's Questions today as David Cameron and Ed Miliband traded insults over which party had closest ties to those clients on the list of alleged tax evaders. The two took turns to sling mud at each other over the matter, with the Labour leader describing his counterpart as a "dodgy Prime [...]
HSBC “not protected” from criminal investigation by DoJ money laundering deal, says prospective attorney general Loretta Lynch February 11, 2015 HSBC could face prosecution by the US's Department of Justice, as it comes under renewed pressure over the actions of its Swiss subsidiary. Loretta Lynch, Barack Obama's nominee for attorney general, was part of a team that secured nearly $2bn (£1.3bn) from HSBC over charges that it refused to prevent money laundering by drug [...]
Politicians slam HMRC and FCA for HSBC tax evasion failure February 10, 2015 Senior MPs criticised the Financial Conduct Authority (FCA) and Revenue and Customs (HMRC) yesterday, after it was revealed the FCA was unaware of the wrongdoing at HSBC, and that HMRC had failed to pass on its concerns to the City watchdog. The chairman of the FCA, Martin Wheatley, made a pre-arranged appearance in front of [...]
Martin Wheatley says FCA was not informed of HSBC tax allegations February 10, 2015 The Financial Conduct Authority (FCA) did not know about the HSBC tax allegations until media reports released details on Sunday, according to the watchdog's chief executive. Earlier today, Martin Wheatley told the Commons Treasury Select Committee that no formal information regarding claims of tax evasion was passed on to the body. "I am [...]
Ex-HSBC boss Lord Green under fire over Swiss bank tax evasion row February 9, 2015 Ex-HSBC boss Lord Green was under intense pressure last night after revelations that HSBC’s Swiss private banking arm helped clients evade and avoid hundreds of millions of pounds of taxes. The bank said it now refuses to work with anyone it suspects of dodging taxes, but the focus has fallen on Green’s time as chief [...]
MP John Mann: Give gongs and money to whistleblowers February 9, 2015 Whistleblowers take big risks to uncover wrongdoing at banks, other firms and in the public sector, and should be rewarded for their bravery, MP John Mann told City A.M. MBEs and OBEs would show society’s thanks for their services, said Labour MP Mann, who sits on the influential Treasury Select Committee (TSC). “Giving honours would [...]
Stephen Green: Priest, ethicist and bank boss February 9, 2015 Lord Green had a long and successful career at HSBC, spanning 28 years and leading him to become chief executive and then chairman. But despite questions over how much he knew about tax dodging, Green is not what people imagine a stereotypical financier to be. He was ordained as a priest in the Church of England [...]
HSBC scandal takes the spark out of the FTSE – London Report February 9, 2015 THE UK’s top share index edged lower yesterday, hurt by a fall in HSBC after the bank admitted tax failings at its Swiss unit and by softer utility stocks. The blue-chip FTSE 100 index was down 0.2 per cent, or 16.29 points, at 6,837.15 points by the close, with United Utilities, National Grid and Severn Trent [...]
HSBC scandal: MPs launch inquiry following claims that the bank helped clients dodge tax February 9, 2015 The Public Accounts Committee is launching an investigation following claims that HSBC helped wealthy clients "evade" tax. The committee, which was set up to oversee government expenditures, will require HSBC to give evidence to a panel of MPs. Margaret Hodge, chair of the committee, said during a speech at the House of Commons [...]
David Gauke: Questions need to be answered about HSBC tax evasion accusations February 9, 2015 The financial secretary to the Treasury David Gauke has defended HMRC amid claims it “overlooked” tax evasion in the wake of allegations about HSBC – but said there are “clearly questions that need to answered” about the bank's actions. Gauke was today challenged by Labour MP for Birmingham Ladywood Shabana Mahmood, who wanted to [...]