28th January 2016
City watchdogs the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are to commence investigations into certain former HBOS senior managers.
The decisions follows a report by Andrew Green QC regarding the Financial Services Authority’s enforcement actions following the failure of HBOS, which collapsed during the financial crisis.
The report recommended that the FCA and PRA should consider whether any former HBOS senior managers should be the subject of an enforcement investigation.
The regulators said: “These investigations will determine whether or not any prohibition proceedings should be commenced against them. “
The FCA and PRA said that they are continuing to review materials with a view to making further decisions regarding other former HBOS senior managers.