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Former HBOS head Cummings appeals against warning notice and fine

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.”

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  1. That Cummings should have been singled
    Out smacks of him being a fall guy. As a Halifax Agent for Over thirty years we were got rid of together with other established Agents because we had thousands of transactions each month and regulars Accounts totalled
    Millions. They did specifically did not want savers which is what their ethos had always been. Crosby and Hornsby were quoted at us al the time as the Driving Force for Sales. The CEO and Board should be jointly and severally responsible .

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