Written By Unknown on Sabtu, 28 Februari 2015 | 11.46
Energy price comparison websites have been "duping" customers into switching to deals that are not the cheapest on the market and should pay them compensation, a group of MPs have said.
The Energy and Climate Change Committee said some sites had used misleading language to dupe consumers into options that only displayed commission-earning deals.
It has called on energy watchdog Ofgem to consider requiring price comparison sites to disclose the amount of commission received for each switch at the point of sale.
Representatives of the "big five" sites told MPs they earn up to £30 in commission every time a customer switches to a participating provider, or up to £60 when a customer switches both their gas and electricity accounts.
Committee chairman Tim Yeo said: "Consumers trust price comparison services to help them switch to the best energy deals available on the market.
Video:Big Six Criticised For Overcharging
"But some energy price comparison sites have been behaving more like backstreet market traders than the trustworthy consumer champions they make themselves out to be in adverts on TV.
"Some comparison sites have used misleading language to dupe consumers into opting for default options that only display commission-earning deals. And others have previously gone so far as to conceal deals that do not earn them commission behind multiple drop-down web options."
He added: "As an immediate and essential first step towards rebuilding confidence, the companies should compensate any consumers who have been encouraged to switch to tariffs that may not have been the cheapest or most appropriate for their needs.
Video:Energy Bills: What We're Paying
"We have no objection to commission being paid by suppliers to price comparison websites as long as the arrangements are clearly disclosed."
Earlier this month, uSwitch told the committee it would compensate consumers who had been misled into signing up for an energy tariff that was more expensive than others available.
Its chief executive Steve Weller told the committee he was "sincerely disappointed" that a customer was told by his call centre that the cheapest deal available to him was with First Utility, when it was in fact with extraenergy for more than £60 less.
Rail unions are planning to stage protests along the East Coast Main Line later - marking the day before the route is re-privatised by the Government.
The Rail, Maritime and Transport union is organising gatherings in London, Doncaster and Edinburgh to protest against the franchise being handed over to Virgin and Stagecoach.
Its general secretary, Mick Cash, has described the re-privatisation as an act of "industrial vandalism" - and claims the new private operators are solely motivated by profit.
Citing research which suggests that 70% of Britons want the whole rail network to be re-nationalised, he said: "Six years ago, the East Coast Main Line collapsed into chaos when National Express threw the keys back because they couldn't extract enough profit. That followed an earlier spectacular private sector failure on the line when Sea Containers went bust.
"It was left to the public sector to not only rescue this vital north-south rail link from total meltdown, but to turn around its performance and to start handing hundreds of millions of pounds back to the taxpayer - in contrast to rip-off private companies."
Video:All Aboard The East Coast Mainline
Virgin and Stagecoach already operate services from London to Scotland on the West Coast Main Line.
In proposals for its eight years running the East Coast franchise, the consortium has pledged to launch 23 new daily services from the capital, and offer direct links to Huddersfield, Middlesbrough, Sunderland, Dewsbury and Thornaby.
It also hopes to offer 3,100 additional seats during the morning rush-hour by 2020, by introducing 65 state-of-the-art Intercity Express trains to the fleet.
Video:East Coast: 'Best Deal' For Country
The Department for Transport has rejected the RMT's claims, and said the private sector has "helped to transform our rail network into a real success story".
"We are confident that the new East Coast franchise gives the best deal for passengers. It will provide more seats, more services, new trains and over £140m of investment along the route. In addition, more than £3bn will be paid to taxpayers," a spokesman added.
Written By Unknown on Jumat, 27 Februari 2015 | 11.46
Coutts, known as the Queen's bank, is being investigated by German authorities on alleged aiding of client tax evasion.
The bank, which is owned by Royal Bank of Scotland (RBS) and exclusively open only to those of significant financial means, said the inquiry was focussed on its Swiss operation.
It was concentrated on not only the wealth arm itself but also current and former employees, RBS said.
The news came to light just hours after RBS announced its full-year results and two days after Sky News revealed that Rory Tapner, one of the company's most senior bankers, was to leave Coutts as its parent sought to sell off its international operations.
There is no suggestion of a link between his departure and the German investigation.
The development comes at a time when HSBC's private bank in Switzerland has been mired in controversy over alleged collusion in tax evasion - behaviour its group chief executive Stuart Gulliver and chairman Douglas Flint confronted in a hearing before MPs on Wednesday.
RBS had revealed £2.2bn in litigation and conduct provisions last year - mostly in relation to the PPI mis-selling scandal and manipulation of currency markets.
It said of the latest inquiry: "A prosecuting authority in Germany is undertaking an investigation into Coutts & Co Ltd in Switzerland, and current and former employees, for alleged aiding and abetting of tax evasion by certain Coutts & Co Ltd clients.
"Coutts & Co Ltd is cooperating with the authority."
A £4bn writedown on its US business meant Royal Bank of Scotland (RBS) remained in the red in 2014, with the bank confirming a £3.5bn loss.
The annual loss marked the seventh consecutive year the part-nationalised bank has failed to achieve profitability, however the figure was a marked improvement on 2013 when it lost £9bn.
RBS said it would have made a profit but for the money it had written off at its US bank Citizens, which was built up over 25 years, through what it called a "fair value adjustment".
The bank also confirmed a Sky News story of Wednesday evening that chief executive Ross McEwan was giving up his £1m "role-based allowance" for 2015, which is intended as a top-up to his £1m basic salary.
He had already decided not to take a bonus for 2014 and RBS said it was reducing the size of its total bonus pool for the year by 16% to £483m.
Sir Howard Davies, currently leading the Airports Commission, is to be the bank's new chairman, replacing Sir Philip Hampton from September.
The bank said it had £2.2bn in litigation and conduct provisions during the year - money it set aside to cover the cost of previous misconduct.
It included additional provisions for the mis-selling of payment protection insurance (PPI) of £650m and provisions relating to investigations into the foreign exchange market of £720m.
The bank confirmed on Wednesday that it had suspended two further employees in connection with the currency-rigging investigation.
Operating profits were £3.5bn - the highest since 2010. - which RBS said reflected its restructuring efforts and renewed focus on the customer.
Mr McEwan said: "Our 2014 performance shows a strategy that is working. The strong execution against the targets we set now gives us a platform to go further and faster against this strategy.
"These results make clear that underneath the conduct, litigation and restructuring charges, we have strong performing customer businesses that are geared towards delivering sustainable returns for investors.
"What you see today is a bank that is on track and delivering on its plan; a bank that is able to deliver on its ambition to be number one for customer service and advocacy in the UK and Republic of Ireland".
Unions expressed concern that further planned restructuring would hurt jobs.
Unite national officer Rob MacGregor said: "Unite is deeply concerned that the announcement today by RBS of further restructuring will unfairly impact low-paid and administration staff within the investment banking division.
"Today's announcement won't leave the wealthy traders devastated and worried about how they pay their mortgages. It will be the worker in the back office earning £20,000 per year who now faces uncertainty about what the future holds.
"Already over 30,000 jobs have been cut from across RBS since the bailout in 2008.
"We now want a proper consultation period with Unite involving serious negotiations about how the business will be restructured."
The Chancellor welcomed Sir Howard's appointment as chairman in a letter this morning, calling on him to ensure the bank's business was "conducted to the very highest ethical standards".
George Osborne wrote: "Given the extraordinary support it has enjoyed in the past from taxpayers, I know you recognise that RBS must remain a backmarker on pay and continue to show responsibility and restraint."
Written By Unknown on Kamis, 26 Februari 2015 | 11.46
The apologies were fulsome, forthright and frequent: for the top two executives at HSBC, their appearance in front of MPs on Wednesday was a well-choreographed damage limitation exercise.
After a fortnight in which damaging revelations re-emerged about the tax-evading assistance provided by HSBC's Swiss private bank between 2005 and 2007, the stage was set for a bruising encounter for Douglas Flint, chairman, and chief executive Stuart Gulliver.
The Treasury Select Committee did land some blows on the two men - but they landed more heftily on HSBC's reputation.
The bank had, it repeatedly became clear during the hearing, done little to eliminate federalist instincts bred by its former leadership during the 2000s.
According to Mr Flint, that structure had allowed a dangerous lack of oversight to prevail when HSBC was making acquisitions, even in areas such as private banking, where a detailed understanding of customers was crucial.
Video:HSBC Whistleblower Speaks Out
Systems for screening clients were not sufficiently robust, while some former executives did not carry out their brief to manage the private bank as effectively as they could.
Despite those oblique references to Mr Flint's predecessor, Lord Green, there was scant attention paid to the former Trade Minister by the MPs.
Mr Gulliver himself had joined the private bank's board in 2007, but he told the Committee that that was solely to monitor the interest rate risk it was taking.
"I had no operational role in the running of the division," he said.
The chief executive, who took over in 2011, repeated many of the points he made when presenting HSBC's disappointing full-year results on Monday: that he had sold more than 70 businesses, shed more than 50,000 jobs and overhauled the reporting structure of the group's senior management.
Video:Timeline Of Whistleblower's Claims
That work, said Mr Gulliver, was bearing fruit.
On his own tax affairs, he was robust: living in Hong Kong since 1980 allied with his intention to retire and die there entitled him to the non-dom status he had held for 12 years.
"I have paid full UK tax on my worldwide earnings," he insisted.
But misdemeanours at HSBC's Swiss private bank were not the only subject of scrutiny by the MPs.
It took Andrew Tyrie MP, the Committee chairman, more than a minute to read aloud the full list of regulatory investigations and legal actions to which HSBC is currently subject.
Video:Cameron And Miliband Clash On HSBC
During the period since 2011, it has set aside billions of pounds for mis-selling compensation and been forced to sign a deferred prosecution agreement with the US Department of Justice over breaches of money laundering laws.
Mr Gulliver and Mr Flint have styled themselves as the team charged with "cleaning up" the bank.
The two men undoubtedly have the backing of HSBC's biggest shareholders for the time being: but as with their counterparts across the banking industry, the clean-up job may outlast both of them.
The bosses of HSBC have apologised in person to MPs over the "unacceptable" past behaviour of the bank and thousands of secret Swiss bank accounts it held for clients.
Chief executive Stuart Gulliver told MPs on the Treasury Select Committee that revelations about thousands of secret accounts held in Switzerland had caused "damage to trust and confidence".
Appearing alongside chairman Douglas Flint, he said: "I am apologising as CEO. I am responsible for cleaning it up."
Mr Gulliver added: "I'd like to put on record an apology from both myself and Douglas for the events that took place at our private bank in Switzerland in the mid-2000s
"(It's) clearly an apology we'd like to make to you all, to our customers, our shareholders, the public at large.
"It clearly was unacceptable; we very much regret this and it has damaged HSBC's reputation."
Committee chair Andrew Tyrie MP asked Mr Gulliver why he found it necessary to shield his own income through a shelf company located in Panama, while he was actually domiciled in Hong Kong.
Mr Gulliver stressed it was not for "tax purposes", instead saying it was because he did not trust other members of staff at the bank.
"It was purely about privacy. Privacy from colleagues in Hong Kong and privacy from colleagues in Switzerland," Mr Gulliver, whose has worked for the bank for 35 years, said.
"That was because my pay was not a matter for public record."
Protesters gathered outside Parliament as Mr Gulliver spoke to MPs
He said the HSBC computer system at the time allowed staff to snoop on each other to find out how much they were paid.
Mr Gulliver admitted he was one of the best remunerated members of staff in Hong Kong.
Video:HSBC Whistleblower Speaks Out
He said: "The computer system showed everyone's pay and I was amongst the highest paid and I wished to preserve my privacy."
Protesters outside the House of Commons chanted anti-HSBC slogans, as public anger continues to rise over the secret accounts promoted by the bank's private arm in Geneva.
Swiss investigators raided the offices of the bank last week after reports said it turned a blind eye to handling funds for arms dealers and traders in conflict diamonds.
That announcement came just over a week after HSBC Switzerland found itself at the centre of a global scandal following the publication of secret documents.
The cache of files, made public in a French newspaper, claimed HSBC's Swiss private banking arm helped clients in more than 200 countries evade taxes on accounts containing £77bn ($119bn).
Video:Punishing Misbehaving Bankers
The files, which include the details of 30,000 accounts and the names of celebrities, were originally stolen by former HSBC IT worker Herve Falciani in 2007.
A number of regulators have launched investigations into the HSBC tax scandal.
In 2012 the bank agreed to pay fines and settlements of £1.2bn over an unconnected matter.
That followed a US investigation of Europe's largest bank which focused on the transfer of funds on behalf of nations such as Iran and the movement of $7bn (£4.5bn) in cash into the US financial system, suspected to have belonged to Mexican drug cartels.
At the time Mr Gulliver apologised for the actions of his bank, which dated back to 2007 and 2008.
Video:Cameron And Miliband Clash On HSBC
He said: "We have said we are profoundly sorry for them, and we do so again.
"The HSBC of today is a fundamentally different organisation from the one that made those mistakes."
Written By Unknown on Rabu, 25 Februari 2015 | 11.46
Companies to blame for nuisance calls and texts can be fined up to £500,000 under tough new regulations being introduced.
Changes to the current law - which has been described as "a licence for spammers and scammers" - will make it easier to impose hefty sanctions.
From 6 April the Information Commissioner's Office (ICO) will no longer have to prove that unwanted messages are causing a "substantial damage or substantial distress" before taking action against those responsible.
The Government is also hoping to introduce measures to hold board level executives responsible for nuisance calls and texts.
"For far too long companies have bombarded people with unwanted marketing calls and texts, and escaped punishment because they did not cause enough harm," said Digital Economy Minister Ed Vaizey.
Video:Nuisance Calls: 'Must Be Stopped'
"This change will make it easier for the Information Commissioner's Office to take action against offenders and send a clear message to others that harassing consumers with nuisance calls or texts is just not on."
Which? led a taskforce last December which called for a review of the rules in order to act as a stronger deterrent to rogue companies.
Its executive director, Richard Lloyd, said: "These calls are an everyday menace blighting the lives of millions so we want the regulator to send a clear message by using their new powers to full effect without delay.
Video:Action Urged On Nuisance Calls
"It's also good news that the Government has listened to our call and is looking into how senior executives can be held to account if their company makes nuisance calls."
One of London's most controversial listed companies will effectively put itself in play on Wednesday by disclosing initial takeover discussions with potential buyers.
Sky News can reveal that Gulf Keystone Petroleum is poised to say that its board is considering a sale or merger amid protracted talks with the Kurdistan Regional Government (KRG) over delayed payments for oil exports.
The news may pave the way for an end to a torrid few years on the public markets for Gulf Keystone, which has fought a succession of battles with institutional shareholders over pay and corporate governance.
Its former chief executive, Todd Kozel, stepped down from the role last year following hints of a further revolt by leading investors.
The company's shares have slumped by more than 75% during the last year, valuing it at just £322m.
Deutsche Bank is understood to be advising the company on its options, according to City sources.
A sale of Gulf Keystone is by no means certain, although it is likely to attract interest from possible buyers including rival oil explorers in the region.
Earlier this month, the company said it was suspending exports while it held discussions with the KRG's Ministry of Natural Resources about outstanding payments "and establish a stable payment cycle for export crude oil sales in the future".
John Gerstenlauer, Gulf Keystone's chief executive, said at the time that it was "taking a prudent approach to its capital expenditure in 2015 [while] a number of longer term financing options are currently being progressed by the board".
London-listed oil companies have been hit hard by the fall in the price of crude, with Afren among those which are facing urgent restructurings as they buckle under the financial strain.
Another Kurdistan-focused group, Genel Energy, which is run by Tony Hayward, the former BP chief executive, has also been impacted by the payments delay, although it has a much stronger balance sheet.
The ongoing unrest in Iraq has been a significant factor in obstructing payments for oil exports as the KRG has devoted resources to countering incursions by Islamic State insurgents.
A Gulf Keystone spokesman declined to comment on Tuesday.
Written By Unknown on Selasa, 24 Februari 2015 | 11.46
Ed Balls has accused the Government of turning a "blind eye" by employing a former HSBC chairman, as the bank's current chief executive denied any wrongdoing amid revelations he had cash in the bank's private Swiss offshoot.
The Guardian claimed CEO Stuart Gulliver - who announced the bank's full-year results this morning - kept $7.6m (£4.93m) via an account held by a Panamanian company.
During an exchange in the House of Commons on Monday afternoon, shadow chancellor Mr Balls attacked George Osborne over the Government's record on HSBC.
He asked a series of questions to find out why it appointed HSBC's ex-chairman Lord Green to be a trade minister, after HM Revenue and Customs had already been made aware of cash held in the bank's Swiss subsidiary.
Mr Ball told the Commons: "It is not good enough for this Chancellor to shout and bluster and try to sweep ... questions under the carpet and claim he didn't ask these questions.
"He has been the chancellor for five years since the government was given the files.
"Isn't it clear that either he and the Prime Minister were negligent in failing to act on the evidence ... about HSBC and Lord Green or ... didn't they just deliberately turn a blind eye?"
It prompted Mr Osborne to respond: "The whole house can see that the person bringing this question to the house is the person with the most to answer for.
"Every single one of these alleged offences occurred when he was the principal tax adviser to the last Labour government."
Video:Timeline Of Whistleblower's Claims
Lord Green, who was chairman of HSBC from 2006 to 2010, was under considerable pressure to answer questions about the behaviour of the bank's Swiss division before he stepped down from financial services body TheCityUK's Advisory Council on 14 February.
Leaked files detailed in The Guardian reportedly showed that in 2007 the bank's current chief executive Mr Gulliver was the beneficial owner of an account held by Worcester Equities Inc, though Mr Gulliver has insisted no tax was dodged in any jurisdiction.
He explained it was set up in the name of the Panama-based company to prevent HSBC staff in Hong Kong and Switzerland from knowing how much he was paid in the 1990s.
The account has since been closed as his pay is now disclosed to shareholders.
Video:HSBC Whistleblower Speaks Out
The disclosure was made amid the ongoing scandal over claims HSBC's Swiss private banking arm helped wealthy clients evade and avoid tax, and provided services to criminals including arms dealers.
Derby-born Mr Gulliver has now spoken to journalists of the "shame" felt by staff, having apologised for the behaviour of the Swiss division in national newspaper advertisements last week.
He insisted the private bank had been "completely overhauled" since 2007, when whistleblower Herve Falciani opened the door to the scandal, stealing company data and passing it to French authorities.
Swiss prosecutors have launched a criminal investigation into allegations of money laundering after raiding the bank's offices in Geneva.
Video:Cameron And Miliband Clash On HSBC
The 55-year-old - who received a £7.3m reward package last year - is legally domiciled in Hong Kong after working there for many years, despite now working in the UK.
Representatives for the banking boss told The Guardian he had paid his bonus payments into HSBC Suisse until 2003.
They said Hong Kong tax had been paid and that Mr Gulliver had also told the UK taxman about the account a "number of years" ago.
MPs are set to grill HMRC tax officials on Wednesday over accusations they failed to act properly on the leaked files and potential evidence of tax evasion by more than 3,000 Britons.
HSBC, the global bank currently at the centre of a tax scandal, has blamed a 17% fall in annual profits on the cost of past mistakes.
The London-listed group said reported profit before tax fell to $18.68bn (£12.14bn) in 2014.
It said it was, in part, due to the "negative effect" of "significant items including fines, settlements, UK customer redress and associated provisions".
The explanation reflected the continued cost on the industry of a number of scandals, including the mis-selling of payment protection insurance (PPI).
HSBC's share price fell more than 5% in the wake of the results as profits fell short of expectations.
Dividend and return-on-equity targets were also unexpectedly cut.
The earnings report was announced just hours after HSBC's chief executive Stuart Gulliver, who has vowed to reform the bank in the wake of allegations of complicity in tax evasion at its Swiss arm, was dragged into a tax row himself.
Mr Gulliver, who denies any suggestion of wrong-doing in connection with his own Swiss-based account, said he was "disappointed" in the group's performance last year.
"2014 was a challenging year in which we continued to work hard to improve business performance while managing the impact of a higher operating cost base," he said.
"Profits disappointed, although a tough fourth quarter masked some of the progress made over the preceding three quarters.
"Many of the challenging aspects of the fourth-quarter results were common to the industry as a whole."
Banks have not only been negotiating the effects of record-low interest rates but also uncertainty over the global economy.
In relation to the Swiss tax scandal, HSBC chairman Douglas Flint said the bank needed to reinforce controls and demonstrate their effectiveness.
He added: "We deeply regret and apologise for the conduct and compliance failures highlighted, which were in contravention of our own policies as well as expectations of us."
The bank was also the subject of a £216m fine from the Financial Conduct Authority relating to HSBC's failure to prevent the rigging of foreign exchange operations.
Mr Gulliver's total pay package for 2014 was £7.6m, though his bonus of £1.3m was weaker and reflected the foreign exchange failures which ultimately cost him £500,000 of his reward.
Labour said the size of the payout would leave people "astounded" and called for wider reforms of the banking industry.
It was due to ask an urgent question in the Commons on HSBC and bonuses.
Written By Unknown on Senin, 23 Februari 2015 | 11.46
By Mark Kleinman, City Editor
The UK's biggest banks slashed the number of employees earning at least £1m last year in a move they will argue demonstrates that they are heeding calls for greater pay restraint.
Sky News understands that Barclays, Lloyds Banking Group and Royal Bank of Scotland (RBS) will disclose alongside their annual results during the next eight days that the number of millionaires they created during 2014 fell sharply from the 583 a year earlier.
Insiders familiar with the figures said that the combined number of £1m-plus pay deals across the three banks would fall to approximately 450.
That decline partly reflects the fact that the bonus pool at each bank will be lower for 2014 than in the previous year despite the fact that City analysts expect them all to report stronger financial performances for the last 12 months.
Sky News revealed last week that the three banks were close to finalising bonus pools worth an aggregate £2.8bn, down from nearly £3.4bn in 2013.
However, the fall in the bonus pools can be partly explained by the fact that under new European rules, banks have shifted sums of money from senior employees' variable pay to their fixed remuneration.
This has led some critics to accuse the banks of sleight of hand in seeking to claim credit for reducing bonus payouts just weeks before the General Election campaign gets underway.
The banks are therefore likely to argue that the reduced number of millionaire pay deals - the figures for which include both fixed and discretionary pay - is illustrative of their determination to exhibit more restraint.
Last year, Barclays said it had paid 481 staff more than £1m, while at Lloyds the figure was 27 and at RBS, 75.
Collectively, bonuses at the three banks will be roughly 15% lower than the equivalent numbers for 2013.
Barclays, which is independent of the taxpayer and has by far the largest investment bank of the three institutions, will say that bonuses fell from almost £2.4bn in 2013 to below £2bn last year.
The fall will come amid a retrenchment at Barclays' investment bank, with thousands of jobs being shed under a revamped strategy announced last year by Antony Jenkins, the chief executive.
Analysts are forecasting an uptick in annual profits at Barclays, which is due to report its results on March 2.
The news on pay will mark a contrast with last year's situation at the lender, which provoked a row with some leading shareholders by increasing bonuses despite a fall in profits.
Barclays has also set aside £500m to pay fines related to control failings in its foreign exchange operations, although it has yet to reach a formal settlement with any regulators.
Lloyds and RBS will collectively pay out approximately £875m in bonuses for 2014, sources said on Thursday, compared to an equivalent figure of roughly £975m a year earlier.
The two banks, which report results towards the end of the week, are continuing negotiations over their bonus plans with UK Financial Investments (UKFI), which manages the taxpayer's stakes in them.
Sky News revealed on Friday that the chief executives of Barclays, Lloyds and HSBC would receive annual bonus awards for 2014 totalling more than £3m, although the payouts have been reduced because of fines imposed on them for mis-selling and market manipulation.
HSBC will kick off the reporting season on Monday, when it is expected to disclose that its bonus pot for 2014 was more than 5% lower than the previous year.
None of the banks would comment on their pay proposals.
Stuart Gulliver, HSBC's chief executive, reportedly kept millions of his own money sheltered in the bank's private Swiss offshoot.
The Guardian says Mr Gulliver - due to announce the bank's full-year results this morning - kept $7.6m (£4.93m) via an account held by a Panamanian company.
Leaked files reportedly show that in 2007 he was the beneficial owner of an account held by Worcester Equities Inc.
It comes amid the ongoing scandal over claims HSBC's Swiss private banking arm helped wealthy clients evade and avoid tax, and provided services to criminals including arms dealers.
The Derby-born banking chief apologised for the behaviour of the Swiss division in national newspaper advertisements last week.
Video:Timeline Of Whistleblower's Claims
Mr Gulliver insisted it had been "completely overhauled" since 2007, when whistleblower Herve Falciani opened the door to the scandal, stealing company data and passing it to French authorities.
Swiss prosecutors have launched a criminal investigation into allegations of money laundering after raiding the bank's offices in Geneva.
The 55-year-old - believed to have raked in a £7.4m reward package last year - is legally domiciled in Hong Kong after working their for many years, despite now working in the UK.
Video:HSBC Whistleblower Speaks Out
Representatives for the banking boss told the Guardian he had paid his bonus payments into HSBC Suisse until 2003.
They said Hong Kong tax had been paid and that Mr Gulliver had also told the UK taxman about the account a "number of years" ago.
A representative said: "Full UK tax has been paid on the entirety of his worldwide earnings less a credit for tax paid additionally in Hong Kong…"
Video:Cameron And Miliband Clash On HSBC
But, according to the newspaper, they would not say why a Panamanian company had been used to hold the money when Swiss accounts already offer secrecy.
MPs are set to grill HMRC tax officials on Wednesday over accusations they failed to act properly on the leaked files and potential evidence of tax evasion by more than 3,000 Britons.
Written By Unknown on Minggu, 22 Februari 2015 | 11.46
Eurozone finance ministers have agreed to extend Greece's rescue loans - although not by as long as the government wanted.
The deal, which will enable Athens to continue paying its bills, was reached at talks in Brussels which were delayed for four hours as ministers worked on a draft accord.
Jeroen Dijsselbloem, the eurozone's top official and the Dutch finance minister, said Athens had asked for a six-month extension but this was rejected.
"Four months is the appropriate delay in terms of financing and future challenges," he said.
The agreement was clinched just a week before Greece's €240bn (£178bn) bailout expires, leaving just enough time for some member country parliaments to endorse it.
Video:Greek Rescue Package Explained
As part of the deal Greece must provide a list of economic and other reforms based on the current bailout programme by Monday.
This will be reviewed on Tuesday by the European Central Bank, the International Monetary Fund and the European Commission.
If the three institutions do not believe the proposals go far enough, the list will be revised with a view to it being agreed by the end of April.
Greek Finance Minister Yanis Varoufakis said the deal would mark a new era for Athens and its relations with the European Union.
Video:Osborne Urges Eurozone Deal
"Today was a pivotal moment because Greece for five years now has been lonely, isolated in the Eurogroup. Today that isolation has broken," Mr Varoufakis said.
He said Greece had not used any threats or bluff to get the agreement and added it was a small step in a new direction for the country.
Markets reacted positively to the deal, with the Dow and S&P 500 surging to fresh records on Wall Street.
Mr Dijsselbloem said it was a "first step in this process of rebuilding trust" between Greece and its euro partners and allows for a strategy to get the country "back on track."
Video:Greece: Everything You Need To Know
"Trust leaves quicker than it comes," he said.
Mr Dijsselbloem worked flat out on Friday to secure an agreement as Germany insisted Greece stick with the austerity commitments included in its bailout programme.
The fraught discussions focused on a new package of concessions beyond those contained in the formal request for a loan extension submitted on Thursday.
Greece has ruled out another bailout like the existing one, saying the people who swept the anti-austerity Syriza party to power last month would not tolerate it.
1/20
Gallery: Art War On The Streets Of Athens
Athens has become a Mecca for street artists as anger grows over the impact of Greece's bailout deal with Europe
Wall paintings have sprung up all over the city reflecting the general frustration at rising unemployment and falling living standards
The clue came right at the start of Yanis Varoufakis' press conference.
Up until last night's bailout extension deal, the Greek finance minister spent most of his international media appearances addressing an international audience - speaking fluent, verbose English, taking questions from outlets from around the world.
Last night, in the small Greek briefing room in the Justus Lipsius building in Brussels, he was talking to someone else entirely.
His eyes fixed down the barrel of the cameras, for a quarter of an hour he spoke only in Greek.
"We are now co-authors of our own destiny," he said.
Video:Greek Rescue Package Explained
"Negotiation means compromise. But this deal is a small step in the right direction.
"We are no longer following a script given to us by external agencies," he added.
Unusually for him, though, he was reading his speech rather than talking off the cuff.
It did not take a political genius to work out what was going on.
Syriza came to power in Greece last month promising not to do a deal with the shady characters in Brussels.
It promised not to sign up to a continuation of the unpopular bailout programme.
It promised not to have its domestic policies monitored and influenced by the so-called Troika of lenders (the International Monetary Fund, European Commission and European Central Bank).
Video:Greeks Win Loan Extension
But the deal it signed up to on Friday night involved, essentially, all of the above.
There were changes in some of the terminology.
The "programme" is now renamed the "contract"; the hated "memorandum of understanding" which entailed the reforms the country needed to make, is called the "Master Financial Assistance Facility Agreement"; the "Troika" is now referred to as "the institutions".
But, for the most part, the bailout extension Greece signed up to looks like precisely the thing Syriza and Varoufakis said they would not agree to.
True, there are some important changes: Greece will be given more leeway on its public finances this year; it will have the opportunity to curtail some of the tougher reforms, such as firesales of assets and changes in pension provisions - though these, too, will have to be approved by the Troika, sorry, institutions, in conversations starting on Monday.
Crucially, Syriza can rightly claim that its government has eased the conditions on the bailout a lot more than its predecessors.
However, this was hardly the revolution in economic policy that many Greeks will have hoped for.
Video:Greece: Everything You Need To Know
It does not represent a new deal - so much as an old deal in new clothing.
Then again, perhaps that is the best that could have been expected.
This is only a short-term extension to bide the country over.
Without it, there was a distinct chance it would have defaulted and left the euro - the latter of which the vast majority of Greeks are set against.
The country's financial system was looking perilously exposed.
Throughout the Eurogroup meeting, the ECB president Mario Draghi warned repeatedly that unless Greece and its euro counterparts came up with a deal soon, money could start escaping from Greek bank accounts rapidly that there might be a full-blown financial crisis as soon as Monday.
This was a difficult meeting for Mr Varoufakis.
Video:Anti-Austerity Party Wins In Greece
The former academic has taken the political world by storm in recent weeks, carrying out a whistlestop tour of European capitals to explain the Greek position.
However, so visible has he been in this period, so adamant that Greece will not water down its demands, that the events of the past 24 hours may prove tough to contextualise.
What made the job harder still is the fact that he and the finance ministry were marginalised towards the end of the negotiations.
Alexis Tsipras, the Prime Minister, stepped in and carried out some of the talks behind the scenes with his fellow leaders when things looked as if they were breaking down.
After the previous Eurogroup meeting on Monday descended into farce, amid a flood of leaks, the PM insisted that all press communications should be done through his office, rather than Mr Varoufakis'.
It was said that behind-the-scenes, the Germans were refusing to talk to Mr Varoufakis - that some Greek finance officials had been urged to get rid of their boss.
That would be a terrific mistake: their new finance minister is one of the biggest assets Greece has, particularly when it comes to explaining to an international audience why austerity has not worked, and why future deals might have to be different.
Video:Family Living Off Food Donations
And there will almost certainly need to be another deal once these four months have elapsed.
In the meantime, Mr Varoufakis and his colleagues have a tough job on their hands explaining why what was agreed in Brussels was a triumph rather than a defeat.
Their previous feat - overturning decades of two-party domination in Greece - may end up looking easy in comparison.
