A report into the collapse of Halifax Bank of Scotland (HBOS) has given a damning verdict on the then regulator's role in failing to spot or prevent the bank's failure.
The bank collapsed in 2008, and was subsequently taken over by the Lloyds Banking Group. More than £20bn of taxpayers money was used to try and prop it up. The report, conducted by the Financial and Prudential conduct authorities, said that when the then regulator, the Financial Services Authority (FSA), investigated HBOS, it relied too much on the bank's senior management. "Overall, the FSA's approach was too trusting of firms' management and insufficiently challenging," it said. "The FSA executive management, led by CEO Mr John Tiner, designed (or failed to redesign) this deficie...
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