The Financial Conduct Authority (FCA) has shelved another banking inquiry, as it is revealed that an investigation into alleged aiding of tax-evasion by HSBC has been dropped, last year after it scrapped its probe into banking behaviour and culture. Reports indicate that fears are beginning to rise again that ministers and regulators in UK are becoming more lenient towards banks as the economy recovers. The move seems to be in contrast to regulators outside the Britain , who have taken a more aggressive approach; Swiss authorities fined HSBC just days £ 28m after money laundering was discovered in its Swiss unit.
The Financial Conduct Authority (FCA) has shelved another banking inquiry, as it is revealed that an investigation into alleged aiding of tax-evasion by HSBC has been dropped, just days after it scrapped its probe into banking behaviour and culture. Reports indicate that fears are beginning to rise again that ministers and regulators in Britain are becoming more lenient towards banks as the economy recovers. The move seems to be in contrast to regulators outside the UK, who have taken a more aggressive approach; Swiss authorities fined HSBC last year £28m after money laundering was discovered in its Swiss unit.