The Financial Services Authority is considering imposing sanctions on bank
bosses who overlook tax avoidance schemes in helping customers avoid paying tax.
Hector Sants, chief executive of the FSA, confirmed the issue would be
included as part of a consultation paper expected in the autumn, according
Lord Turner, chairman of the FSA, said: ‘The whole overlap between tax and
regulatory arbitrage and the fit and proper test is one we are still thinking
In addition, he said tax avoidance is a complicated area, and the FSA is ‘not
a tax enforcement agency.’
HMRC said the department has good relations with the FSA, and will continue
to liase with the regulator over issues, including taxation for banks.
Report argues that the government must change the way it makes tax and budget decisions
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Top 25 firm HW Fisher & Co has acquired London firm Rhodes & Rhodes