The FCA says it is “working closely” with HSBC and other agencies over claims the bank helped more than 1,000 UK customers avoid tax.
An investigation by the BBC, the Guardian and the International Consortium of Investigative Journalists last week claimed the bank had supported more than 1,000 UK customers in dodging tax bills between 2005 and 2007.
At a Treasury select committee hearing last week, FCA chief executive Martin Wheatley said the regulator had only been made aware of the allegations when they were published in the media.
In its first statement on the matter, the FCA says: “This has served to reinforce the importance of firms operating with the right culture across all of their operations.
“The FCA is working closely with the firm and other agencies which have an interest in this matter to ensure that any questions this may raise in relation to any current practices and culture of HSBC are addressed.”
HSBC has published a full-page apology in Sunday newspapers for the conduct of its Swiss private bank.
Lord Green, who served as HSBC chairman from 2006 to 2010, has also resigned his position as advisory council chairman of financial services lobby group The City UK.
Green was made a Conservative peer in 2010, and served as David Cameron’s trade minister from 2011 to 2013.