03292017Wed
Last updateFri, 24 Mar 2017 12pm

 

Former HSBC boss believes more checks were needed

Former HSBC boss has admitted that more stringent checks should have been done on the bank's Swiss arm.

 

Speaking on Tuesday at the Economic Affairs committee Lord Green claimed that he and the senior management team had not been aware of the practices that were taking place.

He said: "With the benefit of hindsight – and this was complicated by Swiss law which prevented [HSBC’s board] seeing client details – it would have been good to know details of this earlier and we didn’t get everything right.”

Green, who still insisted he was “proud of HSBC” despite being unable to "get everything right”, gave his evidence alongside Sir Winfried Bischoff, chair of the Financial Reporting Council and a former chairman of Lloyds Banking Group.

Bischoff said he believed individuals found guilty of wrongdoing in the financial sector should face legal sanctions, as well as the corporations themselves

Subscribe to the magazine

We aim to advise you of the most up-to-date issues faced by major corporations and leading finance directors, in the form of interesting articles and individual stories.

If you are interested in subscribing to the Director of Finance magazine, register your details here.

Latest News

Most Read

Follow Us On Twitter