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FSA to investigate RBS and HBOS

The FSA is to launch a formal investigation into the events that led to the collapse of the Royal Bank of Scotland and HBOS, according to press reports.

The Guardian says the investigation will examine the role of executives and board directors, as well as reviewing the banks’ internal controls.

It says FSA supervisory officials will examine whether the banks’ boards and shareholders received enough information, as well as the performance of directors before the rights issues undertaken by HBOS and RBS earlier last year.

The FSA has reportedly opened tender to major accountancy firms to assist with the enquiry, which is expected to commence in the next few weeks.

The FSA refused to comment on the investigation.

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