The Financial Services Authority's report into the collapse of Halifax Bank of Scotland (HBOS) is not likely to appear until at least next summer, according to the Independent.
The paper said the report was started after the FSA fined Peter Cummings half a million pounds and banned him from the City for life. It added while considerable information had been gathered senior figures said the breadth of data required meant it would not be finished for months. HBOS was rescued by Lloyds Banking Group, in a deal which lead to it asking the government for £20bn bailout from the taxpayer, the Independent said.
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