The Financial Conduct Authority (FCA) has reopened an investigation into events surrounding the discovery of "misconduct" in Halifax Bank of Scotland's (HBOS) Reading-based impaired assets team.
The regulator will seek to determine what people within HBOS knew of the bad practices at the firm and its communications with the Financial Services Authority - the FCA's predecessor - after the initial discovery of the misconduct. HBOS was embroiled in a complex multi-million pound corruption and fraud case involving bank employees and private business advisers dating back more than a decade. HBOS parent Lloyds Banking Group (LBG) estimates the compensation for investors caught up in the incident will total £100m. The regulator had put its investigation on hold at the request of ...
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