FSA to embark on HBOS report

| July 22, 2011 | 0 Comments

The Financial Services Authority (FSA) has plans to follow its long-awaited report into failures at the Royal Bank of Scotland (RBS) with a report into the near-collapse of HBOS.

Failures at HBOS have so far resulted in an FSA enforcement investigation which is on going.

However, in a recent letter to Andrew Tyrie MP, chairman of the Treasury Select Committee, FSA chairman, Adair Turner, says:

“Once the investigation process is completed and the final result announced, however, we would intend to begin work on a report into HBOS, providing an account of the developments over the years preceding the crisis which put HBOS in an unsustainable position in autumn 2008, and identifying any deficiencies in the FSA’s regulation and supervision of it.”

According to Lord Turner, a report is needed because even a successful enforcement action would only illuminate very specific elements of the HBOS story.

Tags: enforcement investigation, failures, HBOS, report

Category: Bank of Scotland News, Banking News, Financial Services Authority, Halifax News, Lloyds Banking Group News

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