Former HBOS corporate division head Peter Cummings is reportedly appealing against an FSA warning notice and seven-figure fine for failings in the bank’s corporate division.
The Daily Telegraph says the FSA has issued Cummings with a warning notice and fine in relation to the failings.
Last month, the FSA publicly censured the Bank of Scotland and judged that the firm was guilty of “very serious misconduct” which contributed to the Government having to bail out HBOS.
The censure related to the conduct of the corporate division between January 2006 and December 2008. Cummings was made head of the HBOS corporate division, which oversees BoS, in January 2006.
The Daily Telegraph says Cummings has rejected the FSA’s allegations and referred the case to the regulatory decisions committee, which has the power to overturn the FSA’s decision.
The FSA refused to confirm whether it has issued a warning notice or levied a fine on Cummings.
Thameside Wealth Management director Tom Kean says: “You have to have some sort of accountability for the failings in banks, however, sometimes, the failings are systemic rather than the fault of any one individual.”