HSBC bosses to be quizzed by MPs

HSBC building at night

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 evaded tax.

Reuters reports that 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 been finalised.

HSBC this week admitted failings in compliance and controls in its Swiss private bank after media reports alleged it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.

The disclosures have sparked a political row over practices at HSBC, Europe's biggest bank, and whether it had done enough to pursue possible tax dodgers.

Hit the link below to access the complete Reuters article:

UK lawmakers to haul up HSBC, tax chiefs over Swiss bank allegations

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