LONDON (Alliance News) - The UK Financial Conduct Authority is examining whether allegations about HSBC Holdings PLC's Swiss private banking unit, involving help it allegedly provided to clients to avoid tax, raise questions about the bank's current culture, according to Sky News on Monday.
According to the report, the FCA said it is "working closely with the firm and other agencies which have an interest in this matter to ensure that any questions this may raise in relation to any current practices and culture of HSBC are addressed."
The news comes after HSBC published a full-page advert in several Sunday newspapers apologising in the wake of claims that the Swiss operation in the past helped wealthy clients avoid tax.
http://news.sky.com/story/1428395/city-watchdog-probes-hsbc-amid-tax-scandal
HSBC shares were up 0.7% at 602.20 pence on Monday morning but are down 1.1% in the year to date.
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HSBC Holdings (HSBA)