UK:
UK Regulators To Investigate Former HBOS Senior Managers
03 March 2016
Shearman & Sterling LLP
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On January 28, 2016, the PRA and FCA announced that they would
be conducting an investigation into certain former senior managers
of HBOS plc. This is the entity which resulted from merger of the
Halifax Building Society and Bank of Scotland, which following
financial failings was placed into state ownership in 2008. The
decision follows the recommendations made by Andrew Green Q.C. in
his final Report into the Financial Services Authority's
enforcement actions following the failure of HBOS, in particular
that the regulators should conduct investigations to determine
whether any prohibition proceedings should be brought against the
relevant individuals.
The PRA press release is available at: http://www.bankofengland.co.uk/publications/Pages/news/2016/025.aspx
and the report of Andrew Green Q.C. is available at: http://finreg.shearman.com/final-report-on-the-enforcement-actions-following.
The content of this article is intended to provide a general
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