A joint investigation by the Guardian newspaper, the International Consortium of Investigative Journalists and the BBC’s Panorama programme revealed thousands of accounts from HSBC’s private bank in Switzerland which showed it helped rich clients “cheat the UK” out of millions in taxation.
The BBC reports HSBC bankers offered clients deals to help “tax dodgers stay ahead of the law”.
HM Revenue & Customs (HMRC) was given documents in 2010 about HSBC’s possible role in tax evasion.
HSBC has said that “standards” at the Swiss arm should have been higher.
Wheatley told the Treasury Select Committee of MPs that the FCA is now in discussions with the bank on its global operations.
But he repeatedly denied there was a problem that HMRC had not informed it about the specific issues, according to the BBC.
“I don’t know if they have any such obligation,” he said. He also said that the lack of communication “doesn’t stop us doing our job”.
However, committee member John Mann questioned whether the FCA could do its job properly if it did not know all the facts.
Wheatley said the FCA is “closely monitoring the banks overall… We do have a deep programme of reform in a number of the banks regarding anti-money laundering and HSBC is one of the banks we’re working closely with”.
He also warned that the FCA had a “number of ongoing investigations which will raise further questions about the banks”.
He said banks were obliged to talk to the FCA about any “skeletons in their cupboards” early on, but the problem was that “frankly the chief executives don’t know about the skeletons in their organisations”.
