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TSC appoints team to scrutinise FSA’s impending report into HBOS failure

The Treasury select committee has appointed a specialist team to review the FSA’s impending report on the failure of HBOS.

The team includes former Treasury second permanent secretary Sir Nicholas Monck, former Chelsea Building Society chairman and chief executive Stuart Bernau and former Yorkshire Building Society chief executive Iain Cornish.

They will be tasked with ensuring the FSA’s report, the publication date of which is still unknown, is a fair and accurate reflection of the available evidence and to review whether it is a fair and balanced summary of the regulator’s supervisory activities in the run up to the bank’s failure.

TSC chairman Andrew Tyrie says: “These reports are needed to guide regulatory reform in the UK.

“Unless regulators are frank about what went wrong last time there will be little chance of avoiding a repetition in the future.”

HBOS nearly collapsed in 2008 before it was rescued by Lloyds TSB.

In September, the FSA fined former HBOS executive director Peter Cummings £500,000 and banned him from holding a senior position within the UK financial services industry in what is the highest fine levied on an individual for management failings.

Cummings, who the FSA said had pursued an “aggressive growth strategy”, was chief executive of HBOS’ corporate division between January 2006 and 2008.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Never mind HBOS – we have been waiting for a report on the so called investigation of Keydata for over two years now and it seems to have been quietly sidelined.

  2. The Exec summary will read something like:
    1)management followed wrong strategy, pursuing short term expansion without adequately considering risks to long term viability of the company
    2) Regulatory scrutiny inadequate, looking at the plethora of little issues rather than the bigger picture
    3)Government claims to have abolished boom and bust and policy of applying light touch regulation was a catastrphic error of judgement
    There, that was easy, why take so long to write it

  3. Julian Stevens 1st March 2013 at 7:11 pm

    And who will be in any way held to account for the failings on the part of the FSA?

    Nobody because, as Hector Sants put it to the TSC back in March 2011, the failure was “collective”. And now he has his knighthood, what does he care anyway?

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