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HSBC bosses apologise for 'unacceptable' practices | |
(35 minutes later) | |
Two HSBC bosses have apologised for "unacceptable" practices at its Swiss private bank which helped clients to avoid tax. | |
Stuart Gulliver, group chief executive, said it had caused "damage to trust and confidence" in the company. | |
He and chairman Douglas Flint were answering questions from UK Members of Parliament. | |
Mr Flint said he felt shame and would "take his share of responsibility" for Swiss private bank failings. | |
When asked about the list of allegations and investigations into HSBC by international regulatory authorities Mr Flint said: "it's a terrible list." | |
Despite reforms, he said he could not exclude the possibility of further problems emerging, | |
He said the task of reforming HSBC will "always be ongoing". | |
No tax purposes | |
Mr Gulliver also told MPs on the Treasury Committee that his personal holding of a Swiss bank account through a Panamanian company had "no tax purpose". | |
He said the arrangement only reflected a desire for privacy from his colleagues at HSBC in Hong Kong. | |
Mr Gulliver told the committee he had "followed the letter of the law" of the UK non-domicile rules, | |
He said: "The important point is I've paid UK tax on my HSBC earnings during that entire period [since being based in the UK], so the amount of tax I have paid is the fair and appropriate amount." |