FSA bank probe to reveal catalogue of errors

clock

An FSA investigation into the problems at Britain's failed banks has revealed a litany of internal breakdowns and flawed controls that masked the full extent of their failings, according to The Sunday Times.

The regulator has been conducting a full-scale supervisory review of Royal Bank of Scotland (RBS), HBOS and Bradford & Bingley (B&B) since last April. A report on the findings is expected to be published within weeks and is set to reveal a catalogue of errors that allowed risks to go unchecked, according to the paper. These include a breakdown in communication at all three institutions which kept board directors in the dark on the risks being run by company executives, according to sources close to the inquiry. The regulator's report will also raise questions about public statement...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisory businesses must 'step up' to attract and retain new blood

Advisory businesses must 'step up' to attract and retain new blood

Clearer pathway to profession needed

Jenna Brown
clock 04 February 2026 • 3 min read
Advice buy-side models have 'clear conflict of interest'

Advice buy-side models have 'clear conflict of interest'

SBG’s Cherrington on common pitfalls and a valuations ‘peak’

Isabel Baxter
clock 04 February 2026 • 5 min read
One in five consider financial advice to deal with turbulent times

One in five consider financial advice to deal with turbulent times

Almost a fifth of people are newly considering getting financial advice to help them feel more confident amid a less predictable, more uncertain world, according to research.

clock 03 February 2026 • 3 min read