After "Painful" Coverage, HSBC Buys Full-Page Ad to Apologize to UK
by
Kenny Mariasin
“We must show we understand that societies we serve expect more from us...We therefore offer our sincerest apologies,” Gulliver says... Eight years later. Gulliver made no mention of HSBC's other recent white-collar crimes.
HSBC purchased a full-page ad on Sunday for a formal apology letter in several UK newspapers. The apology was for allegations that its Swiss branch had helped clients evade taxes between 2005 to 2007.
The advertisement is in the form of an open letter written and signed by HSBC Chief Executive Officer Stuart Gulliver saying, among other things, that recent coverage has been “painful.”
He also tried to put the situation "into context," saying that recent media coverage "has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.”
He goes on to again mention that the data is over eight years old.
In trying to reassure customers and staff, whom the letter was initially meant for, Gulliver said that the Swiss branch of the international bank had since been “completely overhauled.”
Of course, he also reaffirmed that the bank has “absolutely no appetite to do business with clients who are evading their taxes or who fail to meet [their] financial crime compliance standards.”
“We must show we understand that societies we serve expect more from us,” Gulliver says. “We therefore offer our sincerest apologies.”
UK Regulators Defend “Inaction”
The HSBC Whistleblower, Herve Falciana, revealed this trove of data to French authorities in 2010. When the story broke recently, there was an international outcry over regulator inaction during the past five years.
UK regulators, for instance, pursued only a single prosecution since receiving the information in 2010. Lin Homer, chief executive officer of the country's tax authority, HM Revenue and Customs (HMRC), defended the "inaction."
She explained that out of the 3,600 customers revealed in the leaked data, most information was incomplete. Out of the bunch, 3,200 had been singled out and, out of those, 1,100 of the most serious cases were pursued. This led to the recovery of around £135 million in funds with 130 cases still outstanding.
She also said that two-thirds of all of the UK-based HSBC Switzerland account holders were “found to be compliant” with UK tax rules since they were foreign nationals (non-domiciled residents).
Under that deal, HSBC controversially managed to avoid criminal charges and keep its banking charter, allowing it to continue operations in the US.
HSBC purchased a full-page ad on Sunday for a formal apology letter in several UK newspapers. The apology was for allegations that its Swiss branch had helped clients evade taxes between 2005 to 2007.
The advertisement is in the form of an open letter written and signed by HSBC Chief Executive Officer Stuart Gulliver saying, among other things, that recent coverage has been “painful.”
He also tried to put the situation "into context," saying that recent media coverage "has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.”
He goes on to again mention that the data is over eight years old.
In trying to reassure customers and staff, whom the letter was initially meant for, Gulliver said that the Swiss branch of the international bank had since been “completely overhauled.”
Of course, he also reaffirmed that the bank has “absolutely no appetite to do business with clients who are evading their taxes or who fail to meet [their] financial crime compliance standards.”
“We must show we understand that societies we serve expect more from us,” Gulliver says. “We therefore offer our sincerest apologies.”
UK Regulators Defend “Inaction”
The HSBC Whistleblower, Herve Falciana, revealed this trove of data to French authorities in 2010. When the story broke recently, there was an international outcry over regulator inaction during the past five years.
UK regulators, for instance, pursued only a single prosecution since receiving the information in 2010. Lin Homer, chief executive officer of the country's tax authority, HM Revenue and Customs (HMRC), defended the "inaction."
She explained that out of the 3,600 customers revealed in the leaked data, most information was incomplete. Out of the bunch, 3,200 had been singled out and, out of those, 1,100 of the most serious cases were pursued. This led to the recovery of around £135 million in funds with 130 cases still outstanding.
She also said that two-thirds of all of the UK-based HSBC Switzerland account holders were “found to be compliant” with UK tax rules since they were foreign nationals (non-domiciled residents).
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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