Business

Ex-bosses at UK bank HBOS could face ban after report

Posted November 19, 2015 6:00 am

The Associated Press

LONDON (AP) - A report into what went wrong in the run up to the 2008 collapse of HBOS has recommended that regulators ban former bosses at the British bank from working in financial services.

The report said the bank's former chiefs were "ultimately responsible" for its failure. It also blamed a past regulator for failing to investigate bank leaders properly.

Only one former HBOS executive, Peter Cummings, has so far been formally investigated and fined.

Regulators said Thursday they will now review whether to take any enforcement action against three of the bank's former leaders as well as other former managers holding key positions.

HBOS, formed from the merger of Halifax and Bank of Scotland in 2001, collapsed in 2008 and was taken over by the Lloyds Banking Group.

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