HSBC could face another compensation bill over allegations it helped US citizens avoid tax in Switzerland. HSBC could be facing another huge compensation bill over allegations it helped US citizens avoid tax in Switzerland. The scandal-hit bank, which last month had to set aside £1.3bn for mis-selling and money laundering, is one of several whose Swiss operations are being investigated by US regulators. Others in the firing line include Credit Suisse, Julius Baer and Zuercher Kantonalbank. Neher the FSA nor HMRC are thought to have launched a similar probe into the lender for helping British tax cheats, despite Chancellor George Osborne describing it as ‘morally repugnant’.


From next year the Swiss government and UK banks have jointly agreed to withhold unpaid tax on behalf of the British Government. HSBC, led by chief executive Stuart Gulliver, has passed on thousands of documents relating to dealings with rich Americans, potentially incriminating its Swiss employees.....Read more HERE