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05/04/2013
Call To Ban HBOS Bank Bosses
The Banking Standards Commission has said financial regulators should consider banning three top HBOS bankers from future roles in the financial sector.
The Parliamentary Commission on Banking Standards said former chairman Lord Stevenson, as well as past Chief Executives Sir James Crosby and Andy Hornby, were to blame for the collapse of the bank.
In its report, it said their "catastrophic failures of management" ultimately led to the bank's downfall and the £20.5bn taxpayer bailout during the height of the financial crisis.
It then asked why the Financial Services Authority (FSA) had not looked at whether the three men should be stripped of their Approved-Person status. The title permits individuals to carry out particular financial functions.
Peter Cummings is the only former HBOS director to have been penalised by the FSA; last September he was banned for life from working in the City and was fined £500k. However, the commission has said it is wrong that Mr Cummings should be the only one to blame. It therefore called on the new City regulator to consider barring Sir James, Mr Hornby and Lord Stevenson from taking up any role in the financial sector.
It said: "The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death."
Last year, former RBS boss Fred Goodwin was stripped of his knighthood but Sir James and Lord Stevenson have retained their titles.
(JP/CD)
The Parliamentary Commission on Banking Standards said former chairman Lord Stevenson, as well as past Chief Executives Sir James Crosby and Andy Hornby, were to blame for the collapse of the bank.
In its report, it said their "catastrophic failures of management" ultimately led to the bank's downfall and the £20.5bn taxpayer bailout during the height of the financial crisis.
It then asked why the Financial Services Authority (FSA) had not looked at whether the three men should be stripped of their Approved-Person status. The title permits individuals to carry out particular financial functions.
Peter Cummings is the only former HBOS director to have been penalised by the FSA; last September he was banned for life from working in the City and was fined £500k. However, the commission has said it is wrong that Mr Cummings should be the only one to blame. It therefore called on the new City regulator to consider barring Sir James, Mr Hornby and Lord Stevenson from taking up any role in the financial sector.
It said: "The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death."
Last year, former RBS boss Fred Goodwin was stripped of his knighthood but Sir James and Lord Stevenson have retained their titles.
(JP/CD)
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10 April 2013
Ex-Chief Of Failed Bank Asks To Return Knighthood
Following a critical report into the collapse of HBOS during the financial crisis, former chief executive Sir James Crosby has asked for his knighthood to be removed, will forgo 30% 30% of his £580,000-a-year HBOS pension and has resigned as a non-executive director of Compass Group.
Ex-Chief Of Failed Bank Asks To Return Knighthood
Following a critical report into the collapse of HBOS during the financial crisis, former chief executive Sir James Crosby has asked for his knighthood to be removed, will forgo 30% 30% of his £580,000-a-year HBOS pension and has resigned as a non-executive director of Compass Group.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
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Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
11 February 2009
Former HBOS Boss Steps Down From FSA
City watchdog boss Sir James Crosby has resigned from his high profile deputy chairman post. Sir James, who helped head up the Financial Services Authority, has came under close scrutiny over his alleged failure to respond to risk warnings while Chief Executive of HBOS. He was the bank's boss between 2001 and 2006.
Former HBOS Boss Steps Down From FSA
City watchdog boss Sir James Crosby has resigned from his high profile deputy chairman post. Sir James, who helped head up the Financial Services Authority, has came under close scrutiny over his alleged failure to respond to risk warnings while Chief Executive of HBOS. He was the bank's boss between 2001 and 2006.
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