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Brendon Nelson, the new chair of HSBC, lost money in the collapsed tax-avoiding investment scheme Future Fuels, part of the Elysian Fuels project operated by Future Capital Partners. The unregulated investment attracted retail investors, promising fivefold returns with minimal tax liabilities.

Future Fuels raised tens of millions of pounds but was wound down in 2017 after a failed biofuel venture wrote its assets down to zero. Future Capital Partners was also liquidated after another tax scheme, Eclipse, failed to deliver promised tax reliefs.

HMRC investigated Elysian's tax avoidance strategies and challenged investors over their tax treatment. The scheme attracted multiple complaints, leading to bans for some promoting wealth managers. HSBC stated that Nelson invested when the scheme was considered legitimate but repaid tax benefits and resigned from the partnership once questioned by tax authorities. Nelson became HSBC's chair earlier this month but is expected to serve only a short term.