Top HSBC executive probed by Financial Conduct Authority
A top executive at HSBC is being probed by city regulator the Financial Conduct Authority (FCA).
Sky News reports that Paul Watson, whose online profile lists him as head of regulatory compliance for the global banking and markets division of HSBC, is being investigated by the regulator.
The inquiry, which is thought to have started some weeks ago, is reportedly focused on Watson’s adequacy to handle his duties in a competent manner.
There is no suggestion of wrongdoing and Watson is still in the role while the probe takes place.
The investigation of Watson is reportedly part of a wider inquiry into systems and control at HSBC, relating to the lender’s global banking and markets division.
The probe comes as the bank investigates a memo, purportedly written by disillusioned current and former HSBC employees, that was sent to HSBC Holdings’ chairman Mark Tucker and chief executive John Flint.
The bank has hired Magic Circle law firm Allen & Overy to look into the memo under formal whistleblowing rules.
Last month HSBC hired former senior JP Morgan banker Greg Guyett as global banking co-head, to work alongside fellow co-head Robin Phillips.
HSBC and the FCA declined to comment.