By Tom Bergin
LONDON, Feb 9 (Reuters) - A panel of British lawmakers saidon Monday they planned to open an inquiry into HSBC HoldingsPlc, after media reports that the bank helped wealthycustomers dodge taxes and conceal millions of dollars of assets.
The British bank admitted compliance failings by its Swisssubsidiary on Monday, following reports based on documentsobtained by the International Consortium of InvestigativeJournalists that alleged the bank had helped clients hide moneyfrom tax authorities across Europe.
"Today's shocking revelations about HSBC further expose asecretive global industry serving a wealthy elite," MargaretHodge, a Labour party member and chair of the Public AccountsCommittee, said in a speech to a meeting outside the chamber inthe Houses of Parliament.
"The Public Accounts Committee will be launching an urgentinquiry to which we will require HSBC to give evidence - and wewill order them if necessary".
Tax avoidance has become a hot political issue before ageneral election due in May of this year. The opposition Labourparty accuses the ruling Conservative party of being the partyof hedge funds and "tax avoiders". (Reporting by Tom Bergin; Editing by Larry King)