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Bank charges: Former HBOS executives shamed

Three former executives at HBOS have been named and shamed by the Banking Standards Commission.

In a report, former chairman Lord Stevenson and ex chief executives Sir James Crosby and Andy Hornby were criticised for the standards of management within the bank around the time of the financial crisis of 2008.

During this time, banks across the UK fell into difficulty as a result of large investments falling through. HBOS had to be bought out by Lloyds Banking Group, who also had to be bailed out by the government. Lloyds Banking Group is now 40 per cent owned by the taxpayer.

However, the Commission’s report said that HBOS would have been in trouble even if the financial crisis had not happened.

It also criticised the Financial Services Authority (FSA) for failing to adequately regulate the management of the bank.

The FSA came under fire for failing to spot signs that the financial crisis was going to happen and, at the start of April, was replaced by the Financial Conduct Authority and Prudential Regulation Authority.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801567126-ADNFCR

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