View more on these topics

HSBC chief Stuart Gulliver facing second MP grilling

HSBC chief executive Stuart Gulliver is to face MPs for a second time over allegations bank staff aided tax evasion between 2005 and 2007.

Gulliver will now face the Public Accounts Committee, chaired by Margaret Hodge, alongside former HSBC group general manager and global private banking chief executive Chris Meares. 

BBC Trust chairwoman and HSBC non-executive director Rona Fairhead, who led the bank’s audit committee at the time of the failures, has also been called to the session, but has yet to confirm attendance.

Gulliver and HSBC group chairman Douglas Flint were called to the Treasury Committee on 25 February and took the opportunity to blame local managers of its Swiss private bank for failures in controls.

Flint said: “Most accountable, I think are the management in Switzerland. It’s very difficult for people outside of Switzerland to get access to the detailed account information.

“The most culpable people are the relationship managers who did what they did.”

The meeting will represent the Public Accounts Committee’s second session on the HSBC scandal, after HMRC officials told MPs in mid-February they would be meeting with law enforcement bodies over expanding the probe.

The tax authorities later confirmed reaching a deal with French authorities to share tax dodging data.

Recommended

Exit-Man-Door-Depart-Leave-700.jpg

FNZ UK chief Martin Jennings to exit

FNZ UK and Europe chief executive Martin Jennings is to leave before 2016.  Jennings was previously managing director of the Axa Elevate platform, and joined the technology firm in May 2011 to serve as chief operating officer for Australia and New Zealand, later becoming UK and Europe chief executive in December 2013. Jennings’ responsibilties will […]

Cover image
20

Power shift: Do advisers need to change ‘old school’ attitude to female clients?

The advice sector must be prepared to deal with a dramatic shift in economic power from men to women by changing its “old school” attitude towards female clients, experts argue. Research by US firm the Boston Consulting Group predicts a “revolution” in female spending power which will drive a $6 trillion global increase in earned […]

barclays-building-2012-700x450.jpg

Barclays chief paid £5.5m as bank sets aside £750m for forex rigging

Barclays chief executive Antony Jenkins has been awarded a total pay package of £5.5m as the bank sets aside an extra £750m in relation to foreign exchange rigging. In its annual results, published this morning, Barclays reveals it has made a total provision of £1.25bn in relation to ongoing investigations relating to forex manipulation. The […]

FCA logo glass 3 620x430
52

FCA announces dramatic overhaul of pension transfer qualifications

The FCA has announced a radical overhaul of the qualifications needed to advise on pension transfers following the Budget reforms. In a consultation paper published today on changes to its pension transfer rules, the FCA says advice on all transfers from DB to DC schemes require the pension transfer specialist qualification, regardless of whether the […]

US loan growth is not painting a pretty picture for the US economy

Written by Mike Riddell One of the current big debates in global financial markets is whether investors should believe ‘hard’ rather than ‘soft’ data, where the usually reliable business and consumer surveys have been suggesting strengthening in global growth momentum for some time now, while the economic data that feeds through into the Gross Domestic […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. This time around could one of the MPs ask him some simple questions with a yes or no answer or simple answers?

    Did you know that tax evasion was going on within your bank?

    If so when did you know?

    How many money-laundering reports did the bank submit over the last five years? Individual and Cumulative?

    How many people working within the bank have been fired or referred to the police for breaches of money laundering regulations? After all it’s a large organisation and you would expect to see some.

    Did you know that anybody involved at HSBC with regards to helping a person to commit tax evasion is committing an offence?

    Did you know that you have personal responsibility for making sure the culture within the bank satisfies money-laundering regulations?

    Last time you appeared in front of the MPs you seem to indicate that banking worked on collective responsibility rather than individual basis, would you agree that in respects to money-laundering this is incorrect?

    Should you resign?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com