The Financial Conduct Authority quietly stopped pursuing any formal action into reviewing whether HSBC’s Swiss private banking arm allegedly helped wealthy clients dodge tax between 2006 and 2007 months ago.

The news will undoubtedly piss off a lot of politicians and the public.

Why? — because this is the latest in a line of moves from the FCA that arguably hark back to the “light touch” approach to banks which caused politicians and market experts to accuse it, and the FCA’s predecessor the Financial Services Authority, of “falling asleep at the wheel” when it comes to keeping the banks in read more >>>

Source : BusinessInsider.Com