Thursday 2 June 2016
BHS winds down as rescue attempt fails
Department store BHS is to go into liquidation with the loss of up to 11,000 jobs after efforts to find a buyer failed.
The decision followed a lengthy bidding process aimed at saving BHS, which went into administration in April.
But none of the offers was judged acceptable by administrators Duff & Phelps, who blamed "seismic shifts" in the retail sector for the collapse.
All 163 BHS stores will be holding closing sales over the coming weeks.
Hilco Retail Services has been appointed to assist in the process of winding down the BHS store network.
Hopes of rescuing the store chain had rested on a late offer from a company led by retailer Greg Tufnell and reportedly backed by Portuguese money.
But sources told Slash News that in the end, the financial backing for the bid failed to materialise.
Other bidders who failed to convince the administrators included a consortium led by Matalan founder John Hargreaves, as well as separate offers from Sports Direct's Mike Ashley and Poundstretcher boss Aziz Tayub.
Monday 4 January 2016
EARLIER TONIGHT: Siege near India's Afghan consulate ends after nearly 25 hours
An armed standoff near the Indian consulate in Afghanistan’s Mazar-i-Sharif city has ended after 25 hours, a day after a bloody assault on an air base in India near the Pakistan border.
Meanwhile, a Taliban truck bomb struck a compound housing foreign civilian contractors near Kabul airport on Monday, wounding dozens of people just hours after a suicide bomber blew himself up near the same area.
The lethal assaults on Indian installations threaten to derail prime minister Narendra Modi’s bold diplomatic outreach to arch-rival Pakistan following his first official visit to Afghanistan last month. No group has so far claimed responsibility for the raid, which left at least one policeman dead and 11 others wounded. Gunfights and grenade explosions echoed as commandos shimmied down a rope from a helicopter on to the roof of a nearby building from where assailants launched the attack on the tightly-guarded compound.
“The clearance operation is over and all three armed assailants have been killed,” government spokesman Shir Jan Durrani said. “We are still doing room-to-room searches. The area is absolutely under government control.”
Provincial governor Atta Mohammad Noor oversaw the operation armed with an AK47, denouncing the attackers as the “enemies of Afghanistan”.
Security officials said the operation was prolonged as commandos proceeded cautiously in the residential area to avoid civilian casualties.
The attack followed a raid over the weekend by Islamist insurgents on an air force base in the northern Indian state of Punjab.
Seven soldiers were confirmed killed in the raid on the Pathankot base, which triggered a 14-hour gun battle on Saturday and fresh rounds of firing on Sunday. Indian troops backed by helicopters searched the base on Monday, with an official saying that the fifth attacker had been gunned down.
The United Jihad Council, a conglomerate of Pakistani proxy militant groups fighting in Indian-controlled Kashmir, claimed responsibility for the attack.
The assault – a rare targeting of an Indian military installation outside Kashmir – threatens to undermine the fragile peace process between the nuclear-armed rivals.
The spike in violence came about a week after Modi paid a surprise visit to Pakistan, the first by an Indian premier in 11 years. The visit immediately followed a whirlwind tour of Kabul, where Modi inaugurated an Indian-built parliament complex and gave three Russian-made helicopters to the Afghan government.
India has been a key supporter of Kabul’s post-Taliban government and analysts have often pointed to the threat of a “proxy war” in Afghanistan between India and Pakistan.
Pakistan – the historic backer of the Taliban – has long been accused of assisting the insurgents, especially with attacks on Indian targets in Afghanistan.
A Taliban truck bomber struck the outer wall of Camp Baron, a heavily-guarded residential compound for foreign contractors, on Monday wounding 30 people including women and children, Afghan officials said.
The bombing, which was strongly felt across downtown Kabul, occurred close to where a suicide bomber struck earlier in the day, causing no casualties.
On 11 January, Afghanistan and Pakistan are set to hold a first round of dialogue, also involving the US and China, to try to lay out a comprehensive roadmap for peace.
Meanwhile, a Taliban truck bomb struck a compound housing foreign civilian contractors near Kabul airport on Monday, wounding dozens of people just hours after a suicide bomber blew himself up near the same area.
The lethal assaults on Indian installations threaten to derail prime minister Narendra Modi’s bold diplomatic outreach to arch-rival Pakistan following his first official visit to Afghanistan last month. No group has so far claimed responsibility for the raid, which left at least one policeman dead and 11 others wounded. Gunfights and grenade explosions echoed as commandos shimmied down a rope from a helicopter on to the roof of a nearby building from where assailants launched the attack on the tightly-guarded compound.
“The clearance operation is over and all three armed assailants have been killed,” government spokesman Shir Jan Durrani said. “We are still doing room-to-room searches. The area is absolutely under government control.”
Provincial governor Atta Mohammad Noor oversaw the operation armed with an AK47, denouncing the attackers as the “enemies of Afghanistan”.
Security officials said the operation was prolonged as commandos proceeded cautiously in the residential area to avoid civilian casualties.
The attack followed a raid over the weekend by Islamist insurgents on an air force base in the northern Indian state of Punjab.
Seven soldiers were confirmed killed in the raid on the Pathankot base, which triggered a 14-hour gun battle on Saturday and fresh rounds of firing on Sunday. Indian troops backed by helicopters searched the base on Monday, with an official saying that the fifth attacker had been gunned down.
The United Jihad Council, a conglomerate of Pakistani proxy militant groups fighting in Indian-controlled Kashmir, claimed responsibility for the attack.
The assault – a rare targeting of an Indian military installation outside Kashmir – threatens to undermine the fragile peace process between the nuclear-armed rivals.
The spike in violence came about a week after Modi paid a surprise visit to Pakistan, the first by an Indian premier in 11 years. The visit immediately followed a whirlwind tour of Kabul, where Modi inaugurated an Indian-built parliament complex and gave three Russian-made helicopters to the Afghan government.
India has been a key supporter of Kabul’s post-Taliban government and analysts have often pointed to the threat of a “proxy war” in Afghanistan between India and Pakistan.
Pakistan – the historic backer of the Taliban – has long been accused of assisting the insurgents, especially with attacks on Indian targets in Afghanistan.
A Taliban truck bomber struck the outer wall of Camp Baron, a heavily-guarded residential compound for foreign contractors, on Monday wounding 30 people including women and children, Afghan officials said.
The bombing, which was strongly felt across downtown Kabul, occurred close to where a suicide bomber struck earlier in the day, causing no casualties.
On 11 January, Afghanistan and Pakistan are set to hold a first round of dialogue, also involving the US and China, to try to lay out a comprehensive roadmap for peace.
Former theme park artist charged with murder
A former caricature artist at a Florida theme park has been charged with attempted first-degree murder after he allegedly stabbed his manager in the neck with scissors.
The New Year's Day attack at Universal Orlando Resort took place after 33-year-old Frederick Torres was fired, authorities said.
Torres' manager, Glenn Ferguson, was taken to hospital with life-threatening injuries and underwent emergency surgery for multiple stab wounds.An update on his condition was not immediately available on Monday.
Witnesses told the Orlando Sentinel they saw security officers at the Islands of Adventure theme park pulling Torres off Mr Ferguson who was battered and bloody.
Police said both men worked for the same company that was contracted to hire artists for the park.
The firm's boss told police Torres threatened to kill the company's "number one artist", in reference to Mr Ferguson, after he was told on Friday he was being fired.
Witnesses told police they saw Torres chasing Ferguson in the park's Toon Lagoon area and that the pair eventually fell to the ground during a struggle.
Torres is being held in Orange County jail without bail.
The New Year's Day attack at Universal Orlando Resort took place after 33-year-old Frederick Torres was fired, authorities said.
Torres' manager, Glenn Ferguson, was taken to hospital with life-threatening injuries and underwent emergency surgery for multiple stab wounds.An update on his condition was not immediately available on Monday.
Witnesses told the Orlando Sentinel they saw security officers at the Islands of Adventure theme park pulling Torres off Mr Ferguson who was battered and bloody.
Police said both men worked for the same company that was contracted to hire artists for the park.
The firm's boss told police Torres threatened to kill the company's "number one artist", in reference to Mr Ferguson, after he was told on Friday he was being fired.
Witnesses told police they saw Torres chasing Ferguson in the park's Toon Lagoon area and that the pair eventually fell to the ground during a struggle.
Torres is being held in Orange County jail without bail.
Lib Dems and Labour urge Cameron to pull Saudi Arabia support
Britain has been challenged to withdraw its support for Saudi Arabia as chair of the UN human rights council panel as the closeness of the UK-Saudi relationship was dismissed as sycophantic by Tim Farron, the Liberal Democrat leader, and Labour called for an end to judicial cooperation with Riyadh.
The outcry from British politicians came after the Foreign Office initially described the announcement of the execution of 47 people, including prominent Shia cleric Sheikh Nimr al-Nimr, as disappointing.
The executions sparked protests in Shia-dominated Iran, where the Saudi embassy was stormed, and then led to the Saudis breaking off diplomatic relations with Tehran, quickly followed by Bahrain and Sudan.“The Saudi government systemically abuse human rights,” said Farron, referring to the post Riyadh was given in September.
“They cannot be the chair of the UN committee safeguarding fundamental rights. Britain and other nations cannot continue to sit in meetings with them knowing that people are being executed and persecuted by the kingdom while they judge other nations on human rights.
“They should stand down or be made to stand down. They are utterly unfit to hold this role.”
He added: “The UK government has now got itself into a position where it is almost sycophantic to the Saudi Arabian regime. When things like this happen we need to be clear in our condemnation of them, not just because they are morally wrong, but because they undermine the diplomatic processes that are key to solving the Syria crisis”.
In a slightly tougher response to the executions than that issued over the weekend, David Cameron described the tensions provoked by the executions as “hugely concerning”. The UK condemned the death penalty in all circumstances and had made representations to the Saudi authorities on this occasion, he added.“It is hugely concerning because of course we want to see stability in the Middle East. We want to see good relations between the different countries in the Middle East, not least because that will be absolutely essential for solving the crisis in Syria ,which is the source of so many of these problems,” the prime minister said during a visit to east London.
The outcry from British politicians came after the Foreign Office initially described the announcement of the execution of 47 people, including prominent Shia cleric Sheikh Nimr al-Nimr, as disappointing.
The executions sparked protests in Shia-dominated Iran, where the Saudi embassy was stormed, and then led to the Saudis breaking off diplomatic relations with Tehran, quickly followed by Bahrain and Sudan.“The Saudi government systemically abuse human rights,” said Farron, referring to the post Riyadh was given in September.
“They cannot be the chair of the UN committee safeguarding fundamental rights. Britain and other nations cannot continue to sit in meetings with them knowing that people are being executed and persecuted by the kingdom while they judge other nations on human rights.
“They should stand down or be made to stand down. They are utterly unfit to hold this role.”
He added: “The UK government has now got itself into a position where it is almost sycophantic to the Saudi Arabian regime. When things like this happen we need to be clear in our condemnation of them, not just because they are morally wrong, but because they undermine the diplomatic processes that are key to solving the Syria crisis”.
In a slightly tougher response to the executions than that issued over the weekend, David Cameron described the tensions provoked by the executions as “hugely concerning”. The UK condemned the death penalty in all circumstances and had made representations to the Saudi authorities on this occasion, he added.“It is hugely concerning because of course we want to see stability in the Middle East. We want to see good relations between the different countries in the Middle East, not least because that will be absolutely essential for solving the crisis in Syria ,which is the source of so many of these problems,” the prime minister said during a visit to east London.
UK business update
The boyfriend of Mike Ashley’s eldest daughter could earn about £2.5m a year after being controversially put in charge of Sports Direct’s property empire.
Corporate governance watchdogs criticised Sports Direct, the sporting retailer controlled by Ashley, after the retailer revealed that Michael Murray would lead its UK and international property team.Sports Direct said in a stock market statement that Murray would not be paid a salary; instead, the 26-year-old has a “consultancy arrangement” with the company.
However, Murray’s consultancy, MM Prop Consultancy Limited, was only set up on 17 December and is registered to the same address as Ashley’s business interests.The Institute of Directors, the business leaders’ group, said the arrangement would not be tolerated at other companies and warned that shareholders would seek assurances over Murray’s role and qualifications. Before working with Sports Direct, Murray ran student nights in Reading, Berkshire with a friend.
The controversy comes weeks after a Guardian investigation revealed that the company effectively pays thousands of temporary workers below the national minimum wage of £6.70 an hour and subjects warehouse staff to a regime of searches and surveillance.
Last week, Sports Direct bowed to growing pressure over its employment practices and announced it would increase the pay of thousands of staff on the minimum wage by 15p per hour.Murray’s remuneration is based “solely on creating value”, Sports Direct said. The company’s non-executive directors will oversee an independent review every year to decide with their “absolute discretion” how much he should be paid. The maximum Murray can be paid is 25% of the increased value.
Sports Direct declined to clarify how it would measure the value added, but Murray is in line to earn millions of pounds if it uses the profits it banks from property every year.
The company controls £443m of property, plant and equipment. In its last financial year, Sports Direct earned profits of £10.3m from the buying and selling of property. Under this measure, Murray would collect up to £2.58m in remuneration.
He is at risk of being categorised as a de facto or shadow director under existing guidelines, making him subject to the same duties and liabilities as Sports Direct’s board. According to the Institute of Chartered Accountants in England and Wales, a person can be categorised as a de facto director if they are “negotiating with third parties on behalf of the board”.
However, by paying Murray as a consultant and not directly employing him, Sports Direct does not have to make the same financial and regulatory disclosures.
Oliver Parry, senior corporate governance adviser at the IoD, said: “Although it is ultimately up to each individual company to determine who they appoint to executive roles, shareholders will rightly be concerned about the appointment process surrounding Michael Murray, as well as how he will be remunerated.
“At any other FTSE 100 company, this would not be tolerated. The board should provide more details about how they will assess his ‘value’ and what his targets will be, which should be high achieving.
“Considering the importance of Mr Murray’s role to Sports Direct’s future, shareholders and other employees deserve to know more about this appointment.”
Sarah Wilson, chief executive of Manifest, the shareholder representative group, said related party transactions between directors and their associates were a “hot topic” for investors, although Sports Direct is not thought to consider the agreement with Murray as a related party transaction.
She said: “Any transfer of wealth from a listed company to a controlling shareholder through related party vehicles have the potential to be detrimental to minority shareholders. Loose or informal governance arrangements have the potential to surprise investors, something they would rather avoid.”
“Investors look to high quality disclosures to reassure themselves about the nature and extent of such transactions. We have no doubt that institutional investors will seek assurance and clarity about the nature of the business relationships.”
Sports Direct issued the statement after reports that Murray had been appointed as a director to companies connected to Ashley.
Murray is a director at Mash Services, a new vehicle linked to Ashley’s main company Mash Holdings, as well as McGrove Developments, Ashley’s new property group, and Strawberry Place Newcastle Limited, which owns land next to Newcastle United’s football stadium and plans to develop offices, student homes and a hotel.
Murray is the boyfriend of Anna Ashley, the tycoon’s eldest daughter. Murray bought a property in Belgravia for £10.75m in June 2013 with Ashley lending him money for the deal. In addition, Murray’s former home in Chelsea is now owned by Matilda Ashley, the tycoon’s youngest daughter, who paid £5.1m for the property in September.
Sports Direct, which has 400 stores across the country, said the primary task for the property team was to find new sites for its larger format stores and its combined retail and gym units. The retailer is ready to commit £250m towards buying new sites, particularly in south-east of England, and rolling out the new stores.
Corporate governance watchdogs criticised Sports Direct, the sporting retailer controlled by Ashley, after the retailer revealed that Michael Murray would lead its UK and international property team.Sports Direct said in a stock market statement that Murray would not be paid a salary; instead, the 26-year-old has a “consultancy arrangement” with the company.
However, Murray’s consultancy, MM Prop Consultancy Limited, was only set up on 17 December and is registered to the same address as Ashley’s business interests.The Institute of Directors, the business leaders’ group, said the arrangement would not be tolerated at other companies and warned that shareholders would seek assurances over Murray’s role and qualifications. Before working with Sports Direct, Murray ran student nights in Reading, Berkshire with a friend.
The controversy comes weeks after a Guardian investigation revealed that the company effectively pays thousands of temporary workers below the national minimum wage of £6.70 an hour and subjects warehouse staff to a regime of searches and surveillance.
Last week, Sports Direct bowed to growing pressure over its employment practices and announced it would increase the pay of thousands of staff on the minimum wage by 15p per hour.Murray’s remuneration is based “solely on creating value”, Sports Direct said. The company’s non-executive directors will oversee an independent review every year to decide with their “absolute discretion” how much he should be paid. The maximum Murray can be paid is 25% of the increased value.
Sports Direct declined to clarify how it would measure the value added, but Murray is in line to earn millions of pounds if it uses the profits it banks from property every year.
The company controls £443m of property, plant and equipment. In its last financial year, Sports Direct earned profits of £10.3m from the buying and selling of property. Under this measure, Murray would collect up to £2.58m in remuneration.
He is at risk of being categorised as a de facto or shadow director under existing guidelines, making him subject to the same duties and liabilities as Sports Direct’s board. According to the Institute of Chartered Accountants in England and Wales, a person can be categorised as a de facto director if they are “negotiating with third parties on behalf of the board”.
However, by paying Murray as a consultant and not directly employing him, Sports Direct does not have to make the same financial and regulatory disclosures.
Oliver Parry, senior corporate governance adviser at the IoD, said: “Although it is ultimately up to each individual company to determine who they appoint to executive roles, shareholders will rightly be concerned about the appointment process surrounding Michael Murray, as well as how he will be remunerated.
“At any other FTSE 100 company, this would not be tolerated. The board should provide more details about how they will assess his ‘value’ and what his targets will be, which should be high achieving.
“Considering the importance of Mr Murray’s role to Sports Direct’s future, shareholders and other employees deserve to know more about this appointment.”
Sarah Wilson, chief executive of Manifest, the shareholder representative group, said related party transactions between directors and their associates were a “hot topic” for investors, although Sports Direct is not thought to consider the agreement with Murray as a related party transaction.
She said: “Any transfer of wealth from a listed company to a controlling shareholder through related party vehicles have the potential to be detrimental to minority shareholders. Loose or informal governance arrangements have the potential to surprise investors, something they would rather avoid.”
“Investors look to high quality disclosures to reassure themselves about the nature and extent of such transactions. We have no doubt that institutional investors will seek assurance and clarity about the nature of the business relationships.”
Sports Direct issued the statement after reports that Murray had been appointed as a director to companies connected to Ashley.
Murray is a director at Mash Services, a new vehicle linked to Ashley’s main company Mash Holdings, as well as McGrove Developments, Ashley’s new property group, and Strawberry Place Newcastle Limited, which owns land next to Newcastle United’s football stadium and plans to develop offices, student homes and a hotel.
Murray is the boyfriend of Anna Ashley, the tycoon’s eldest daughter. Murray bought a property in Belgravia for £10.75m in June 2013 with Ashley lending him money for the deal. In addition, Murray’s former home in Chelsea is now owned by Matilda Ashley, the tycoon’s youngest daughter, who paid £5.1m for the property in September.
Sports Direct, which has 400 stores across the country, said the primary task for the property team was to find new sites for its larger format stores and its combined retail and gym units. The retailer is ready to commit £250m towards buying new sites, particularly in south-east of England, and rolling out the new stores.
City Update: Monday, January 4th
The City regulator will not pursue formal action over the tax evasion scandal which engulfed HSBC’s Swiss private bank last year, Slash News can reveal.
Sources said on Monday that the Financial Conduct Authority (FCA) concluded its examination of the HSBC unit several months ago, and that the bank was informed of its decision at the time.
The conclusion of the FCA’s so-called ‘deep-dive’ review of HSBC’s Swiss private bank – which was triggered by the re-emergence of evidence showing it had helped wealthy clients evade their tax obligations - was not announced publicly at the time, and has not been disclosed until now.
People close to the FCA pointed out that its work resulting from the affair was not a formal enforcement investigation and that a public announcement was not obligatory.
They added that a major tax investigation was a matter for Her Majesty’s Revenue and Customs rather than the FCA.
The news that no action will be taken could, however, intensify pressure on the FCA just days after it emerged that it had decided to discontinue an industry-wide review of bank culture.
Politicians reacted with incredulity to that decision by the regulator, which is without a permanent chief executive after last year’s ousting of the hardline Martin Wheatley.
Some MPs suggested that the FCA’s thematic review had been dropped at the instigation of the Treasury, which both sides denied.
The conclusion of the watchdog’s work on HSBC’s Swiss bank will have come as a rare piece of positive regulatory news for Europe’s biggest lender, which is due to decide within weeks on the outcome of a nine month review of whether it should relocate its headquarters.
In a statement last February when the political furore over David Cameron’s choice of Lord Green, the former HSBC chairman and chief executive, was at its peak, the FCA said:
"This [tax scandal] has served to reinforce the importance of firms operating with the right culture across all of their operations.
"The FCA is working closely with the firm and other agencies which have an interest in this matter to ensure that any questions this may raise in relation to any current practices and culture of HSBC are addressed."
Sources said that much of the watchdog’s work had focused on internal controls and culture at the bank.
Giving evidence to the Treasury Select Committee last year, Mr Wheatley said: "The allegations are about a Swiss unit of the bank, based on events of predominantly 2005-2007.
"We are very closely monitoring the ability of the bank overall … and we think significant improvements have been made."
Since the misconduct at HSBC's Swiss private bank initially came to light more than six years ago, the group has changed its senior management team and employed thousands more staff to work in compliance roles.
Stuart Gulliver, HSBC's chief executive, took over in 2011, and told the bank’s staff last year of his frustration that the re-emergence of the issue was obscuring his overhaul of the organisation.
The tax evasion scandal initially surfaced in 2008, when a whistleblower, Herve Falciani, stole data relating to tens of thousands of accounts and passed it to French authorities.
While many of the accounts were held legally, the details of tax-evading assistance given to wealthy customers by HSBC's Swiss private bank embarrassed bank executives and provoked fury in Westminster.
Mr Falciani was sentenced in his absence in November to five years in prison by a Swiss court for orchestrating the data leak.
Since 2012, HSBC has been subject to an independent monitor in the US following a $1.9bn fine for breaching money-laundering and sanctions laws.
The bank is bound by a deferred prosecution agreement running until 2017, although the Swiss tax-dodging scandal pre-dates the signing of that deal with US lawmakers.
HSBC and the FCA declined to comment
Sources said on Monday that the Financial Conduct Authority (FCA) concluded its examination of the HSBC unit several months ago, and that the bank was informed of its decision at the time.
The conclusion of the FCA’s so-called ‘deep-dive’ review of HSBC’s Swiss private bank – which was triggered by the re-emergence of evidence showing it had helped wealthy clients evade their tax obligations - was not announced publicly at the time, and has not been disclosed until now.
People close to the FCA pointed out that its work resulting from the affair was not a formal enforcement investigation and that a public announcement was not obligatory.
They added that a major tax investigation was a matter for Her Majesty’s Revenue and Customs rather than the FCA.
The news that no action will be taken could, however, intensify pressure on the FCA just days after it emerged that it had decided to discontinue an industry-wide review of bank culture.
Politicians reacted with incredulity to that decision by the regulator, which is without a permanent chief executive after last year’s ousting of the hardline Martin Wheatley.
Some MPs suggested that the FCA’s thematic review had been dropped at the instigation of the Treasury, which both sides denied.
The conclusion of the watchdog’s work on HSBC’s Swiss bank will have come as a rare piece of positive regulatory news for Europe’s biggest lender, which is due to decide within weeks on the outcome of a nine month review of whether it should relocate its headquarters.
In a statement last February when the political furore over David Cameron’s choice of Lord Green, the former HSBC chairman and chief executive, was at its peak, the FCA said:
"This [tax scandal] has served to reinforce the importance of firms operating with the right culture across all of their operations.
"The FCA is working closely with the firm and other agencies which have an interest in this matter to ensure that any questions this may raise in relation to any current practices and culture of HSBC are addressed."
Sources said that much of the watchdog’s work had focused on internal controls and culture at the bank.
Giving evidence to the Treasury Select Committee last year, Mr Wheatley said: "The allegations are about a Swiss unit of the bank, based on events of predominantly 2005-2007.
"We are very closely monitoring the ability of the bank overall … and we think significant improvements have been made."
Since the misconduct at HSBC's Swiss private bank initially came to light more than six years ago, the group has changed its senior management team and employed thousands more staff to work in compliance roles.
Stuart Gulliver, HSBC's chief executive, took over in 2011, and told the bank’s staff last year of his frustration that the re-emergence of the issue was obscuring his overhaul of the organisation.
The tax evasion scandal initially surfaced in 2008, when a whistleblower, Herve Falciani, stole data relating to tens of thousands of accounts and passed it to French authorities.
While many of the accounts were held legally, the details of tax-evading assistance given to wealthy customers by HSBC's Swiss private bank embarrassed bank executives and provoked fury in Westminster.
Mr Falciani was sentenced in his absence in November to five years in prison by a Swiss court for orchestrating the data leak.
Since 2012, HSBC has been subject to an independent monitor in the US following a $1.9bn fine for breaching money-laundering and sanctions laws.
The bank is bound by a deferred prosecution agreement running until 2017, although the Swiss tax-dodging scandal pre-dates the signing of that deal with US lawmakers.
HSBC and the FCA declined to comment
Real Madrid sack Benitez
Real Madrid have dismissed head coach Rafa Benitez after just seven months in the role.
Ex-French international Zinedine Zidane will replace him the club announced in a press conference.
The former Liverpool manager joined the club in the summer from Napoli but has been given short shrift by president Florentino Perez.
Benitez leaves the Spanish giants four points behind league leaders Atletico Madrid, in the quarter-finals of the Copa del Rey and in the Champions League knockout rounds.
Real Madrid drew 2-2 on Sunday against Gary Neville's Valencia which was the final straw for the club's hierarchy.
Benitez has been widely criticised for having his team play in a dull manner, which has not pleased the fans or Perez.
Club legend Zinedine Zidane was the favourites to take over the role.
Two weeks ago Perez said Zidane would one day be "a great manager".
Ex-French international Zinedine Zidane will replace him the club announced in a press conference.
The former Liverpool manager joined the club in the summer from Napoli but has been given short shrift by president Florentino Perez.
Benitez leaves the Spanish giants four points behind league leaders Atletico Madrid, in the quarter-finals of the Copa del Rey and in the Champions League knockout rounds.
Real Madrid drew 2-2 on Sunday against Gary Neville's Valencia which was the final straw for the club's hierarchy.
Benitez has been widely criticised for having his team play in a dull manner, which has not pleased the fans or Perez.
Club legend Zinedine Zidane was the favourites to take over the role.
Two weeks ago Perez said Zidane would one day be "a great manager".
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