Bank of England may look into HSBC case

The Bank of England may look into allegations that Europe’s biggest bank HSBC helped clients to avoid paying tax, a top BoE official has said.

Jon Cunliffe, the BoE’s deputy governor for financial stability, told BBC radio: “The allegations around HSBC raise serious issues around HSBC’s conduct.

“We’d expect the management, the leadership of a large group, to be able to ensure that there is a culture and the operations within that group to manage those sorts of risks.

“This is certainly something that could be of relevance to us.”

HSBC has 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 up to 2007.