Live updates

HSBC chairman: 'I hope there are no more skeletons'

HSBC chairman Douglas Flint has said he hopes that no more skeletons will be found in the bank's cupboard in future.

When asked how a line can be drawn under the current banking scandal he admitted there was no easy answer.

He said: "We know what we know, and as investigations take place in other banks and other countries its always possible that something will be uncovered somewhere else where people will say we need to look at this more broadly.

"I sincerely hope there are no more skeletons."

Advertisement

HSBC boss: Significant changes made to Swiss banking arm

Stuart Gulliver, HSBC's chief executive, has made assurances that significant changes have been made to the practices at the bank's Swiss subsidiary.

He said the bank is confident they have made considerable changes to HSBC's Swiss private bank saying they have reduced the number of clients the banking arm has from 30,000 to 10,000 and a tax transparency programme is now in place.

HSBC chief apologises for events at private Swiss bank

HSBC's chief executive Stuart Gulliver has apologised today for "the unacceptable events that took place in our private bank in Switzerland in the mid 2000's."

When asked exactly what he was apologising for Gulliver said: "The lack of controls and practices which now - judged with the benefit of hindsight - we would not be at all comfortable with if they were happening today, and which have clearly resulted in damage to trust and confidence in HSBC and created further reputational damage to our firm and have therefore hurt clients, customers, shareholders, our staff and people at large."

He made the official apology at the start of a House of Commons Treasury Committee meeting where MPs are due to quiz HSBC's bosses over allegations that the bank's Swiss arm helped wealthy customers dodge tax.

Protesters gather ahead of meeting to quiz HSBC bosses

Protesters carrying banners with the slogan "David Cameron: Jail time for tax crime", have gathered outside the Houses of Parliament ahead of a meeting between MPs and HSBC bosses.

The chairman and chief executive of HSBC are due to appear before a panel of MPs this afternoon to answer questions about a tax scandal at the banking giant.

Protesters outside the Houses of Parliament Credit: Katie Hunter/ITV
Crowds gather ahead of the chairman and chief executive of HSBC appearing before a panel of MPs this afternoon Credit: Katie Hunter/ITV

HSBC bosses due before MPs over claims bank helped clients evade taxes

Stuart Gulliver and Douglas Flint Credit: PA Wire

HSBC chief executive Stuart Gulliver and chairman Douglas Flint are due before a panel of MPs today over allegations that the bank's Swiss arm helped wealthy customers dodge tax.

They are expected to appear before the House of Commons Treasury Committee.

Mr Gulliver has voiced the bank's regret over the conduct and compliance of its Swiss private banking arm and said that the practices were a "source of shame and reputational damage" for the banking giant, while Mr Flint said HSBC needed to reinforce controls and demonstrate their effectiveness.

Advertisement

Sir Malcolm Rifkind says allegations are 'not justified'

Sir Malcolm Rifkind has denied any wrong doing and said the cash for access allegations are "not justified".

He announced earlier today that he would be stepping down as an MP at the General Election and he also resigned as chairman of the Parliamentary Intelligence and Security Committee,

ITV News Political Correspondent Carl Dinnen reports:

325 job losses at Wonga due to restructuring

325 job losses at Wonga due to restructuring Credit: Dominic Lipinski/PA Wire

Wonga has announced restructuring which expected to lead to the loss of 325 jobs.

The payday lender currently employs around 950 people and said the losses come as it aims to, "refocus on its consumer businesses."

Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market. Regrettably, this means we’ve had to take tough but necessary decisions about the size of our workforce. We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.

– Andy Haste, Chairman, Wonga

The move is hoped to save the company £25 million over the next two years. Wonga said costs at the company tripled between 2012-2014.

There will now be a 30 day consultation period for those who are at risk of losing their jobs.

Payday lenders to have to share deals on comparison sites

Online payday lenders will be ordered to publish details of their products on at least one price comparison website under plans by the competition watchdog to make it easier for borrowers to shop around.

Payday lenders will have to share deals on comparison sites Credit: Rui Vieira/PA Wire

The Competition and Markets Authority (CMA) has made the finding following a investigation, lasting nearly two years, into the payday lending market, which found that a lack of price competition between lenders has led to higher costs for borrowers.

It found that most borrowers do not shop around, partly because of the difficulties in accessing clear and comparable information on the cost of borrowing and a lack of awareness of late fees and additional charges.

Load more updates