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Watchdog could ban ex-HBOS managers

By Holly Williams

Published 29/01/2016

Former bosses of HBOS are to be probed by the Financial Conduct Authority and the Prudential Regulation Authority
Former bosses of HBOS are to be probed by the Financial Conduct Authority and the Prudential Regulation Authority

Managers who worked at HBOS in the run-up to its collapse could be banned from working in the City after regulators announced they would launch long-awaited investigations.

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) said they would open probes into "certain" bosses at the failed bank.

It comes after a damning report last November by Andrew Green QC that blasted former regulators for their failure to investigate a raft of executives and called for further probes into up to 10 senior managers, including ex-chief executives Andy Hornby and James Crosby, as well as past chairman Lord Stevenson.

The FCA and the PRA indicated that their investigations would "determine whether or not any prohibition proceedings should be commenced" against the former bosses, and said they would "review materials".

The former bosses could face being struck off from working in the financial services industry. The Insolvency Service also has the power to ban them from being directors of any company.

Belfast Telegraph

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