The Financial Services Authority (FSA) has banned former HBOS executive Peter Cummings and fined him £500,000 for failings within the company's corporate division.
It said that, between January 2006 and March 2008, Cummings failed to exercise due skill, care and diligence by pursuing an aggressive expansion strategy within the corporate division, without suitable controls in place to manage the associated risks. In his role as executive director of HBOS plc and chief executive of its corporate division, he also failed to ensure that the department adequately and prudently managed high value transactions which showed signs of stress. Tracey McDermott, director of enforcement and financial crime at the FSA, said: "Despite being aware of the weakne...
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