Ex-HSBC boss quits advisory body

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Published: Saturday 14th February 2015 by The News Editor

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Former HSBC boss Lord Green is to step down from a financial services industry body amid claims the bank enabled tax dodging while he was in charge.

The peer – who also served as David Cameron’s trade minister – has quit as chair of TheCityUK’s Advisory Council with immediate effect.

Chairman of the organisation’s board Sir Gerry Grimstone said: “Stephen Green is a man of great personal integrity who has given huge service to his country and the City.

“He doesn’t want to damage the effectiveness of TheCityUK in promoting good governance and doing the right thing so has decided to step aside from chairing our Advisory Council. This is entirely his own decision.”

Sir Gerry will take on Lord Green’s role alongside his current position. Lord Green, who was chairman of HSBC between 2006 and 2010, has been under pressure to explain behaviour at the bank’s Swiss arm.

Information leaked to HM Revenue & Customs (HMRC) in 2010 identified 7,000 British clients, 1,100 of whom had not paid their taxes. Some £135 million in tax and penalties has since been recovered, but only one prosecution has been brought.

Published: Saturday 14th February 2015 by The News Editor

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