LONDON: The Bank of England may look into allegations that Europe's biggest bank HSBC helped clients to avoid paying tax, a top BoE official said on Friday.
"The allegations around HSBC raise serious issues around HSBC's conduct," Jon Cunliffe, the BoE's deputy governor for financial stability, told BBC radio.
"We'd expect the management, the leadership of a large group, to be able to ensure that there is a culture and the operations within that group to manage those sorts of risks," he said in an interview. "This is certainly something that could be of relevance to us."
HSBC has admitted failings in compliance and controls in its Swiss private bank after media reports alleged it helped wealthy customers conceal millions of dollars of assets up to 2007.
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