HSBC bosses apologise for tax scandal during MP grilling

Natalie Kenway
clock

HSBC's senior executives have apologised to a committee of MPs for the failings in its Swiss private banking arm which meant clients avoided paying millions in tax.

The bank is the subject of regulatory probes at home and abroad following the BBC Panorama programme's allegations that it helped clients dodge tax. Chairman Douglas Flint and group chief executive Stuart Gulliver (pictured) were grilled by the Treasury Select Committee on Wednesday following weeks of criticism. The pair apologised for the "unacceptable" practices, which they said had caused "damage to trust and confidence" in the company. When asked about the list of allegations and investigations into HSBC by international regulatory authorities Flint said: "It's a terrible list,...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Bank of England 'presses pause, not stop' as it holds rates at 3.75%

Bank of England 'presses pause, not stop' as it holds rates at 3.75%

Majority of 6-3

Patrick Brusnahan
clock 30 July 2026 • 2 min read
Burnham calls for National Care Service acceleration

Burnham calls for National Care Service acceleration

Social care commitments

Cameron Roberts
clock 29 July 2026 • 4 min read
News editor's view: Burnham's Britain arrives

News editor's view: Burnham's Britain arrives

The news editor's Friday Night Takeaway from 24 July

Isabel Baxter
clock 24 July 2026 • 3 min read