LONDON (Alliance News) - HSBC Holdings PLC has escaped formal action from the City regulator over allegations that its Swiss private bank helped clients to evade tax, Sky News reported on Monday.
Citing sources, the report said the UK's Financial Conduct Authority ended its examination of the unit several months ago.
The conclusion of the review was not made public at the time it ended, the report said.
According to the sources, a major tax investigation was a matter for the UK's tax and customs authority, HM Revenue & Customs.
http://news.sky.com/story/1616568/fca-ends-probe-into-hsbc-swiss-tax-affair
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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HSBC Holdings (HSBA)