HSBC bosses Douglas Flint and Lin Homer to face parliament over Swiss tax evasion unit February 12, 2015 HSBC’s chairman will face MPs this month to explain what the bank has done to stop its Swiss unit helping customers to evade taxes. Douglas Flint has been summoned by the Treasury Select Committee, along with HMRC boss Lin Homer. The bank and the taxman have faced a storm of criticism this week on [...]
Lord Fink’s “vanilla” tax avoidance: What does it mean, and how is it different from HSBC’s alleged practices? February 12, 2015 Tory peer Lord Fink has admitted avoiding paying tax while working in Geneva, but says his actions were “vanilla” in nature and that he was not involvement in the allegations currently plaguing the Swiss arm of HSBC. The former hedge fund manager is a client of the bank, which came under fire earlier [...]
Treasury Select Committee to launch HSBC tax inquiry as HMRC calls in the police February 12, 2015 The Treasury Select Committee has confirmed it will launch an inquiry into HSBC's Swiss private bank. The committee, headed by Conservative MP Andrew Tyrie, will take oral evidence from both the bank and HMRC executives as it attempts to get to the bottom of the hot potato issue that has dominated this week. Tyrie [...]
Taxman gives leaked HSBC data to the police and fraud squad February 11, 2015 MORE tax dodgers could face prosecution as HM Revenue and Customs (HMRC) yesterday said it would give a trove of leaked data to the police. MPs rowed viciously with tax officials over the case, which involved information from HSBC’s Swiss private banking arm. HMRC has raised £135m for the exchequer, but only prosecuted one tax evader. [...]
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 [...]
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 [...]
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 [...]