Report into collapse of HBOS slates regulator

A stinging report into the collapse of Halifax Bank of Scotland (HBOS) recommended that former senior executives at the bank should be barred from working again in financial services and severely rebuked the regulator for failing to prevent its collapse.

A UK parliamentary commission on banking standards found that the, “HBOS story is one of catastrophic failures of management, governance and regulatory oversight”.

HBOS had to be taken over by Lloyd’s in 2008 with an injection from the taxpayer to stave off a collapse.