FCA to investigate former bosses of failed bank
By Tom WrightThe Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are set to investigate into certain former senior managers at HBOS.
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The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are set to investigate into certain former senior managers at HBOS.
The decision follows a report by Andrew Green QC which recommended that the two regulators should consider whether any former senior managers should face an enforcement investigation after the bank’s failure in 2008.
In a statement on its website, the FCA said: “These investigations will determine whether or not any prohibition proceedings should be commenced against them.
“The FCA and PRA continue to review materials with a view to making further decisions regarding other former HBOS senior managers.”
In October 2008, HBOS sought emergency liquidity assistance from the Bank of England after it could no longer fulfil its liabilities.
Keywords: HBOS, FCA, PRA, Financial Crisis, Bank failure, Lending, Banks, Loans, Senior Managers, 2008 Financial crisis, Investigation