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Ex-FSA chief John Tiner drops out of RBS bid after HBOS report

HBOS plc 480

Former FSA chief executive John Tiner has dropped out of a consortium bidding for 316 Royal Bank of Scotland branches following last month’s scathing parliamentary report on the failure of HBOS.

Tiner, who was in charge of the FSA from 2003 to 2007, was brought in to lead the bid last month but the FT reports he has left now in order to pre-empt any potential censure over HBOS’ failure.

The parliamentary commission on banking standards slammed FSA regulation of HBOS as “thoroughly inadequate” and said regulators had “a lot of explaining to do”. The FSA is due to publish its own report into the collapse of HBOS later this year.

HBOS was bought by Lloyds Banking Group in 2008  when it was on the brink of collapse and the combined bank was then bailed out by the Government.

Former Standard Chartered chief executive Lord Davies will replace Tiner as head of the consortium that includes Standard Life, RIT Capital and private equity firms. The FT reports that Virgin Money, AnaCap, JC Flowers and Apollo are all in the running to buy the branches.

In response to the parliamentary report, former HBOS chief executive James Crosby has forfeited his knighthood and given up 30 per cent of his pension while business secretary Vince Cable is pushing to ban Crosby, ex-chief executive Andy Hornby and chairman Lord Stevenson from being company directors.

An MP has also called for ex-HBOS finance chief Phil Hodkinson to quit his role as Resolution director while FCA chairman John Griffith-Jones has faced calls to resign over his role in auditing HBOS with KPMG.

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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. This is the best news I’ve heard all week.

    Tiner is living proof of the adage that some people get promoted way above their capability.

    Don’t forget he was King of the CVs where his tenure at Kingston Polytechnic was morphed into Kingston University, a very convenient alteration.

  2. RegulatorSaurusRex 19th April 2013 at 4:05 pm

    No wonder I was extinct, but I am resurrected!

    Praise the Lord…

    I am unaccountable to Parliament, I can’t be prosecuted and I pay no price for being wrong, let’s use John Tiner’s catchphrase, let’s call it unfair justice.

  3. Was he asked to ‘drop out’ I wonder ?

    Either way

    Couldn’t happen to a nicer bloke !

  4. I always thought he was totally useless and achieved nothing whatsoever of any value to anybody whilst he was CE of the FSA. His only legacy to the industry before he jumped ship was TCF, aptly described by many as Trying to Catch Fog. And that was after many months off on fully paid sick leave at our expense. A waste of space.

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