While the PRA boss Andrew Bailey has made no promises, at least work under way. Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. And quickly. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. He claims he was sacked by the former HBOS chief executive James Crosby after he warmed about its excessive risk taking and mis-sellling. Mr Hornby, however, quickly rebooted his career after the banking crisis by joining the bookmaker Coral. Lord Stevenson is accused of having “lost the objectivity” his role required. Report details how accountancy giant failed to raise alarm over quality of failed bank’s loan book, Find your bookmarks in your Independent Premium section, under my profile. Let battle be joined. An investigation by the old City watchdog, the Financial Services Authority (FSA), only condemned one man, Peter Cummings, for his leading role in the bank’s crisis. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. Please be respectful when making a comment and adhere to our Community Guidelines. HBOS collapse was the result of a catalogue of FSA failures Paul Moore is finally vindicated – but this is just the start Pressure grows for fresh inquiry into KPMG role in HBOS collapse Please continue to respect all commenters and create constructive debates. But it added that it would review the latest report “to ascertain whether it contains any relevant new information”. US Election 2020: Biden and Trump in tug-of-war over Midwestern US. You can find our Community Guidelines in full here. The commission said the FSA's regulation of HBOS was "thoroughly inadequate". This second regulator, the Financial Reporting Council, has previously concluded KPMG has no case to answer, and looks far from keen to launch another investigation. First there is the Department for Business, which will now come under pressure to bring actions of its own against at least some of the players, with a view to possible disqualification as directors. Their statement said the report “downplays the unforeseen and unforeseeable effect of the financial crisis on HBOS” and added that it “does not contain evidence that would justify any further enforcement action against executives.”. He added: “It is surprising that the FRC didn’t conclude, and a long time ago, that this work was needed – not least to provide greater public confidence about bank audits after the catastrophe of 2008.”. The commission concluded that two former chief executives, Sir James Crosby and Andy Hornby, were mainly to blame for the collapse of the bank, together with its former chairman, Lord Stevenson. "Lord Stevenson, in particular, has shown himself incapable of facing the realities of what placed the bank in jeopardy from that time until now.". Start your Independent Premium subscription today. “It’s clear from this report that the audit process was an important part of the story of HBOS’s failure,” said Andrew Tyrie, chair of the Treasury Select Committee and the last Parliamentary Commission on Banking Standards.

Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. The Ashurst clients are, as well as Lord Stevenson: Sir Ron Garrick, who ran the industrial pumps maker Weir Group at the time that it broke sanctions by trading with Saddam Hussein’s Iraq; Anthony Hobson, the former finance director at Legal & General who quit as a non-executive director of eSure in May to work in California; Sir Charles Dunstone, the Carphone Warehouse founder; Coline McConville, who has multiple non-executive directorships; banker John Mack; Kate Nealon, another serial director whose non-executive roles include Cable & Wireless Communications; and Sir Brian Ivory, the Scottish tycoon whose current investments include a multimillion- pound stake in the Shawbrook challenger bank. A hint of potential future legal wrangling emerged as eight former HBOS non-executives, including Lord Stevenson, who could be investigated chose to issue their response to the report through the City law firm Ashurst. Ray Perman, the author of Hubris: How HBOS Wrecked the Best Bank in Britain, said the commission's criticism was unusual in singling out individuals. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. He was fined £500,000 and banned from working in the City. The Democratic and Republican rivals make ambitious forays into politically challenging territory. A view of the headquarters building of Halifax Bank of Scotland (HBOS) in Halifax, England, Let HBOS battle commence - the regulators can’t afford to fail again, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. Separate work by Andrew Green, QC, published in parallel with the report, lambasts the enforcement actions (or lack of) taken by the Financial Services Authority – a regulator whose reputation could hardly have sunk much lower after a mea culpa for equally egregious failures with regard to Royal Bank of Scotland. "This was a traditional bank failure, pure and simple. Who and what bust Halifax Bank of Scotland? KPMG signed off accounts showing a £5.5bn profit in 2007 that just a year later had turned into an £11bn loss. KPMG also ruled that Mr Moore had lost his job because of a personality clash with Mr Crosby, not because of his warnings. Share to Twitter. Mr Green paints a picture of a City watchdog so starved of funding that overworked regulators opted to investigate and blame only one man for the bank’s catastrophic collapse. VideoBerlin airport opens... 10 years late, Socially distant scares in Tokyo 'haunted house' VideoSocially distant scares in Tokyo 'haunted house', Chip wars: The US v China. That’s considerably more than the annual budget of today’s NHS. The public needs to be reassured bad behaviour will be stamped on, Find your bookmarks in your Independent Premium section, under my profile. The most insightful comments on all subjects will be published daily in dedicated articles. Trump wall: How much has he actually built? There was too much supervision at a low level and too much box-ticking, it said. Mr Green sharply criticises a decision- making process that led only to Peter Cummings – HBOS’s head of corporate who was fined £500,000 and banned from the City – facing enforcement action. The most insightful comments on all subjects will be published daily in dedicated articles. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. Outlook. Want to bookmark your favourite articles and stories to read or reference later? From 2004 to 2007, the FSA was "not so much the dog that did not bark, as a dog barking up the wrong tree", claimed the report.

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