Lisa Cornwell resigns from HSBC Private Bank to join PwC’s Tax Transparency team

Lisa Cornwell has joined PwC London to strengthen the Firm’s offering around customer and investor tax transparency. Lisa will be joining a team focussing on helping financial institutions manage their tax transparency risks relating to private clients.

Ms Cornwell, who was formerly Head of Tax Assurance at HSBC Private Bank, commented:

 “As governments gain access to vastly increased data via both CRS and beneficial ownership registers, it is critical that individuals and organisations can be certain that their affairs are in order to avoid financial or reputational repercussions.  Commercially, it is also important to understand what these changes mean for the future and whether changes being made now are future-proof. Current hot topics for organisations include the introduction of a corporate criminal offence for the failure to prevent the facilitation of tax evasion – this legislation has roots in the UK, but the rules have a worldwide impact that may catch organisations with offshore operations by surprise. For individuals, there will be a legislative imperative for accuracy in respect of the past under the new “requirement to correct” proposals but there are also generous proposed planning opportunities for UK RND clients who have historically held their assets offshore. The window to deal with these issues is ever-decreasing. “

Ms Cornwell started her career with Deloitte’s private client tax team in 2003, moving to Kleinwort Benson in 2007. In 2011 she joined HSBC Private Bank where she became responsible for Wealth Planning in the European and African markets. In November 2014 she took on the Head of Tax Assurance role.