UK:
FCA And PRA Publish Final Terms Of Reference For HBOS Review
24 July 2014
Shearman & Sterling LLP
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On 11 July 2014, the FCA and PRA published the final Terms of
Reference for the review into the failure of HBOS plc
("HBOS"). The review, which was commissioned by the
Financial Services Authority ("FSA"), started in
September 2012 following the conclusion of related enforcement
proceedings. A report is to be published jointly by the FCA and PRA
by the end of this year. The report will assess the FSA's
supervision of HBOS, the FSA enforcement investigations following
HBOS's failure, explain why HBOS failed, assess the management,
governance and culture at HBOS at the relevant time. The review
will assess HBOS's systemic vulnerabilities over the relevant
period, as well as its capital, asset quality, liquidity positions,
management, governance and culture, and will make recommendations
that have not already been covered in previous reports such as
Northern Rock and RBS.
The final Terms of Reference are available at:
http://www.bankofengland.co.uk/publications/Documents/news/2014/tor110714.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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