Wheatley tells MPs FCA 'not aware' of HSBC tax breaches

The Financial Conduct Authority (FCA) was "not aware" of allegations HSBC helped wealthy clients evade millions in tax until they appeared in the media, chief executive Martin Wheatley has told MPs.

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 (pictured) told t...