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HBOS corporate head to appeal FSA action

Former Bank of Scotland corporate division head Peter Cummings is to appeal against a seven-figure fine and “warning notice” imposed by the FSA, according to reports.

The Daily Telegraph reports last month’s FSA report into BoS failings focused on Cummings’ corporate division, saying it was “guilty of very serious misconduct” which meant the bank “failed to comply with its regulatory responsibility”.

The paper reports Cummings has rejected the FSA allegations with the case sent to the independent tribunal body the Regulatory Decisions Committee, which has the power to overturn the FSA decision.

Cummings was appointed head of the HBOS corporate division in January 2006.

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