LONDON, Feb 12 (Reuters) – British lawmakers plan to call up
the bosses of HSBC and the tax authority, HMRC, to quiz
them over allegations some clients of HSBC’s Swiss private bank
HSBC Chairman Douglas Flint and HMRC Chief Executive Lin
Homer are expected to appear on Feb. 25 before the Treasury
Committee of lawmakers, who watch over the financial industry.
The Committee said on Thursday details of the hearing had not
LONDON, Feb 12 (Reuters) – British lawmakers have published
an agreement between banks and the financial regulator over how
banks should compensate small firms mis-sold hedging products,
potentially making it easier for businesses to pursue claims.
The Financial Conduct Authority (FCA) agreed the terms of a
scheme to compensate thousands of small companies that were
mis-sold complex products known as interest rate swaps in 2012
with nine banks including Royal Bank of Scotland, Lloyds
Banking Group, Barclays and HSBC.
LONDON, Feb 11 (Reuters) – HSBC’s Swiss private
bank has seen a steep drop in profits since 2008 and even fell
to a loss in 2013, showing how problems in the business have hit
the British bank’s bottom line as well as its reputation.
Its Swiss private bank lost $291 million in 2013, the last
set of published full-year results, and only scraped a $14
million profit in the first-half of 2014. HSBC is due to release
2014 full-year results on Feb. 23.
LONDON, Feb 10 (Reuters) – The head of HSBC’s
private bank has told staff past practices that may have allowed
some clients to dodge taxes are unacceptable, with the company
facing pressure on both sides of the Atlantic over its conduct.
HSBC this week admitted failings in compliance and controls
in its Swiss private bank and faces investigation by U.S.
authorities and an inquiry by British lawmakers after media
reports said it helped wealthy customers conceal millions of
dollars of assets in a period up to 2007.
LONDON/ZURICH/WASHINGTON (Reuters) – HSBC Holdings Plc faces investigation by U.S. authorities and an inquiry by British lawmakers after admitting failings by its Swiss private bank that may have allowed some customers to dodge taxes.
U.S. prosecutors have stepped up efforts to establish whether HSBC, the world’s second largest bank, helped Americans evade taxes after media reports said the bank had helped wealthy customers conceal millions of dollars of assets.
LONDON (Reuters) – British bank HSBC Holdings Plc admitted on Sunday failings by its Swiss subsidiary, in response to media reports it helped wealthy customers dodge taxes and conceal millions of dollars of assets.
“We acknowledge and are accountable for past compliance and control failures,” HSBC said on Sunday after news outlets including French newspaper Le Monde and Britain’s The Guardian published allegations about its Swiss private bank. bit.ly/1zM7Tun
LONDON, Feb 5 (Reuters) – The administrators for foreign
exchange broker Alpari UK have been unable to sell the business
after the company was crippled by losses caused by Switzerland’s
removal of its cap on the Swiss franc.
The joint administrators from KPMG said on Thursday they had
sold the firm’s intellectual property assets, including the
Alpari trademark, to co-founder and main shareholder Andrey
LONDON, Feb 4 (Reuters) – Indonesian businessman Samin Tan
has repaid $200 million of a $1 billion loan to Standard
Chartered and Raiffeisen and has not defaulted
on any of the debt, one of the executives at his company said.
A $1 billion loan by Standard Chartered to Borneo Lumbung
Energi & Metal, an Indonesian coal mining company
controlled by Tan, has become a headache for the bank because
Tan’s businesses have been hit by falling coal prices.
LONDON, Feb 4 (Reuters) – Thousands of bond, currency and
commodities traders in London should have to pass an exam and
obtain a new qualification to trade as part of attempts to raise
standards, Britain’s bank lobby group said on Wednesday.
The British Bankers’ Association (BBA) said a “licence to
trade” qualification and tougher codes of conduct should be
introduced to strengthen trust in financial markets after a
series of damaging scandals.
LONDON, Jan 29 (Reuters) – Standard Chartered’s
board will discuss succession planning at a meeting in
Washington, D.C., on Thursday, people familiar with the matter
The meeting is a regularly scheduled meeting, the bank said,
declining to discuss further details, or the agenda.