The Banking Standards Commission has asked the Financial Services Authority (FSA) to consider if three former HBOS bankers should be barred from future roles in the financial sector.
In an unprecedented move, the Commission said former bosses Sir James Crosby and Andy Hornby were largely to blame for the collapse of HBOS, then the UK's fifth-biggest bank, in 2008. Former chairman Lord Stevenson was also heavily criticised, with the commission accusing the trio of a "colossal failure" of management, according to reports. It said: "The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
