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....It is particularly striking that the problems of cost opacity and cost control, which are both widespread and long-standing, will continue to be kicked down the road. How many more consultations and working groups do you need to add up costs and produce it as a single number, and in pounds and pence? Especially when you consider that a report in 2000 by the regulator’s earlier incarnation, the Financial Services Authority, found that as much as 50% of costs were being hidden from investors. ... [Read full article on Guardian ]
Saturday 1st of July 2017 06:00:06 AM
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.... He and Mills were jailed along with four others for their activities between 2003 and 2008. The redacted paragraphs shine a light on what the Financial Services Authority – the City regulator at the time – had concluded in 2012, while the police investigation was still going on. ... [Read full article on Guardian ]
Tuesday 4th of July 2017 06:35:25 PM
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Latest Finance News related to Financial Services Authority

HBOS took £240m hit after 'serious control breakdown' in Reading image
Source : Guardian [Read Article] Tuesday 4th of July 2017 06:35:25 PM
.... He and Mills were jailed along with four others for their activities between 2003 and 2008. The redacted paragraphs shine a light on what the Financial Services Authority – the City regulator at the time – had concluded in 2012, while the police investigation was still going on. ...
Financial Conduct Authority offers a plaster instead of an antidote | Gina Miller image
....It is particularly striking that the problems of cost opacity and cost control, which are both widespread and long-standing, will continue to be kicked down the road. How many more consultations and working groups do you need to add up costs and produce it as a single number, and in pounds and pence? Especially when you consider that a report in 2000 by the regulator’s earlier incarnation, the Financial Services Authority, found that as much as 50% of costs were being hidden from investors. ...
Why is productivity so low since the crisis – particularly in the UK? | Howard Davies image
.... Indeed, arguably they have been factors behind the political upheavals in the US and the UK already. • Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. ...
Ex-Barclays director who backed Vote Leave appointed City minister image
Source : Guardian [Read Article] Wednesday 14th of June 2017 04:45:30 PM
.... He was director of regulatory affairs and then head of anti-money laundering and sanctions in the high street banking operations of Barclays. Before Barclays he had worked at the City regulator, the Financial Services Authority, and has previously said that attempts to clean up the financial sector from money laundering were flawed. ...
RBS could rob us of the chance to see Fred Goodwin grilled in court | Nils Pratley image
.... How seriously did the board contemplate the possibility that funding conditions could get much, much worse? And how credible was the assessment of the quality of assets that RBS had acquired the previous year with its acquisition of ABN Amro?. A cross-examination of the key individuals by a QC might reveal more than the colourless official report on the failure of RBS by the Financial Services Authority in 2011. ...
Lloyds reaches landmark as government sells final shares image
Source : Guardian [Read Article] Tuesday 16th of May 2017 04:45:44 PM
Final taxpayer shares in Lloyds Banking Group to be sold off image
Source : Guardian [Read Article] Sunday 14th of May 2017 02:28:48 PM
....September 2008 A £12bn takeover of HBOS by Lloyds TSB comes just days after the collapse of Lehman Brothers sent shockwaves through financial markets. The Financial Services Authority, then the City regulator, says the deal will “enhance finance stability”. ...
The Guardian view on the Bank of England: independence and accountability | Editorial image
.... To be fair, this was not entirely the Bank’s fault. The crisis exposed the weaknesses of Labour’s tripartite system of financial supervision, with responsibility shared between the Treasury, the Bank of England and the Financial Services Authority. ...
Will London survive as a financial centre after Brexit? image
Source : Guardian [Read Article] Wednesday 26th of April 2017 07:08:45 AM
.... The next UK prime minister, who just might be May, will need to produce a good answer, or London will not remain at the top of the league for much longer. • Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. ...
Lloyds expects payouts to HBOS fraud victims to total £100m image
Source : Guardian [Read Article] Friday 7th of April 2017 08:16:49 AM
....The Financial Conduct Authority is also resuming its investigation into the episode after it was placed on hold in 2013 at the request of Thames Valley police. The watchdog said: “The FCA’s investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority after the initial discovery of the misconduct. ...
£100MILLION - that's how much Lloyds expects to pay out in fraud compensation image
....The Financial Conduct Authority (FCA) is also resuming its investigation into the episode after it was placed on hold in 2013 at the request of Thames Valley Police. The watchdog said: "The FCA's investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority after the initial discovery of the misconduct. ...
Will Trump build a wall protecting US banks from global rules? | Howard Davies image
.... The financial world is holding its collective breath. •Sir Howard Davies, the first chairman of the UK’s Financial Services Authority (1997-2003), is chairman of the Royal Bank of Scotland. ...
Fraud case and falling share price take shine off Lloyds’s farewell to taxpayer image
....While this is the only HBOS operation where fraud has been prosecuted, the lurid stories the jury heard about sex parties and cash in brown envelopes embellished its image as a bank whose ambitions had got out control. A 2013 parliamentary report described HBOS as an “accident waiting to happen”; in 2012, the now defunct Financial Services Authority lambasted subsidiary Bank of Scotland’s aggressive, high-risk growth strategy, and another report, published in 2015 by the Bank of England and the Financial Conduct Authority, said the bank’s business model “placed inappropriate reliance on continuous growth without due regard to the risks involved”. ...
Whistleblower wins 13-year campaign against HSBC image
Source : Guardian [Read Article] Friday 20th of January 2017 01:17:13 PM
....Wilson lives in Hastings, East Sussex, and used to work for a firm of solicitors, which is where he said he became aware that a number of people had been overcharged. He originally complained to the FCA’s predecessor, the Financial Services Authority, which ruled that the matter was outside its remit. ...
Ex-Autonomy director accused by US prosecutors of elaborate financial fraud image
....1bn in damages in what is believed to be the largest ever civil prosecution against British nationals. Its suit claims Hogenson, Autonomy’s US finance chief, was dismissed after raising concerns with the firm’s auditor, Deloitte, and with the then UK regulator, the Financial Services Authority (FSA). ...
PPI complaints continue to flood in at Ombudsman image
Source : BBC [Read Article] Thursday 3rd of November 2016 12:05:13 AM
....Since the start of 2003 the Ombudsman has received 1,445,000 complaints about PPI mis-selling. But the floodgates opened in 2011 when the British Bankers' Association (BBA) lost a High Court challenge to a decision of the former City regulator, the Financial Services Authority. ...
Big Bang image
Source : BBC [Read Article] Wednesday 26th of October 2016 11:02:29 PM
.... Until then the Bank of England had insisted that all of London's banks had to be within 10 minutes' walking distance of the governor's office so, it was said, in a crisis he could summon the lords of finance to his parlour with half an hour's notice. But the Securities and Investments Board (later the Financial Services Authority) replaced the Bank's regulatory role. ...
Thousands of mortgage arrears customers to get redress image
Source : BBC [Read Article] Wednesday 19th of October 2016 10:45:49 AM
....In the long run such customers would not necessarily have lost out, as they would have paid off their mortgages faster. Six years ago the then Financial Services Authority (FSA) said automatic capitalisation should not be allowed when there was a negative impact on customers. ...
Hard Brexit 'could cost financial sector £38bn' image
Source : BBC [Read Article] Wednesday 5th of October 2016 08:16:15 AM
....This would cost the industry up to £20bn and 35,000 jobs, it said - although the "knock-on impact" on related business activities could cost a further £18bn and 40,000 jobs. Hector Sants, head of Oliver Wyman and former chief executive of the Financial Services Authority, told the BBC's Today programme: "We are not taking a view on the outcome of the negotiations. ...
Barclays pays a further $100m in the US over Libor fraud image
Source : BBC [Read Article] Monday 8th of August 2016 05:12:06 PM
....The Libor scandal has already cost Barclays $453m. That sum was paid to the US Justice Department, the US Commodity Futures Trading Commission and the UK's Financial Services Authority in 2012. ...
PPI claims - all you need to know about the mis-selling scandal image
Source : Guardian [Read Article] Tuesday 2nd of August 2016 12:32:07 PM
.... It received new prominence in 2005 when Citizens Advice issued a so-called super-complaint to competition watchdogs about what it described as a “protection racket”, starting a series of events that led to the compensation payments to consumers and sales of some types of PPI being banned. The now defunct Financial Services Authority told parliament 53m PPI policies had been sold. ...
HBOS: City regulation 'outdated and unfair' say MPs image
Source : BBC [Read Article] Monday 25th of July 2016 11:10:25 PM
.... Seven years after the bank's collapse, we now know just how badly - and not because the regulators showed a spirit to learn the lessons of the past," said Andrew Tyrie, chairman of the committee. The MPs considered a string of reports into the failure of HBOS and action taken by the regulator at the time - the Financial Services Authority (FSA) - as well as evidence given to the committee. ...
Why IMF global financial stability report should be taken with pinch of salt image
.... Then the IMF could again take a balanced view, rather than issuing so many false alarms that it is ignored when a real fire starts. • Howard Davies was the first chairman Financial Services Authority (1997-2003), director general of the CBI and deputy governor of the Bank of England. ...
RBS: no evidence of criminal behaviour, rule prosecutors image
Source : Guardian [Read Article] Thursday 12th of May 2016 12:56:29 PM
....The Crown Office focused on the cash call to raise £12bn that RBS embarked on between April and June 2008, just before its taxpayer bailout in October that year. The investigation was prompted by the December 2011 publication of the report by the then Financial Services Authority into the bank’s near collapse. ...
How £14m investigation snared Deutsche Bank insider trading ring image
Source : Guardian [Read Article] Thursday 12th of May 2016 12:35:03 PM
.... Yet all around there were hidden eyes and ears trained on the activities taking place in a small office located on nearby Grosvenor Place. For a year, a team led by the Financial Services Authority (FSA) alongside colleagues from the Serious Organised Crime Agency (Soca), had been tracking a suspected insider trading ring as part of Operation Tabernula. ...
Ex-Deutsche Bank executive given four-and-a-half years for insider trading image
....Dodgson and Hind were convicted after a 12-week trial and, as he sentenced them on Thursday, Judge Jeffrey Pegden QC described them as having taken part in “persistent, prolonged, deliberate, dishonest behaviour”. The investigation, dubbed Operation Tabernula, was a joint operation of the Financial Services Authority – now replaced by the Financial Conduct Authority – and the then Serious Organised Crime Agency. ...
FCA wins landbanking case, but investors still likely to lose out image
Source : Guardian [Read Article] Wednesday 20th of April 2016 04:34:57 PM
....Asset Land sold plots for between £7,500 and £24,000 “with the promise that [they] would increase in value if the land got planning permission or was re-zoned,” the FCA said. The FCA’s predecessor, the Financial Services Authority, won its case against Asset Land in the high court February 2013 when it found that David Banner-Eve, Stuart Cohen, Asset Land Investments plc and Asset L. ...
Financial Conduct Authority's acting chief quits City regulator image
Source : Guardian [Read Article] Wednesday 13th of April 2016 01:07:21 PM
....McDermott will leave the FCA in July when Andrew Bailey joins as chief executive from the Bank of England. She has worked at the FCA and its predecessor, the Financial Services Authority, for 15 years. ...
Sam Woods appointed Bank of England deputy governor image
Source : Guardian [Read Article] Friday 8th of April 2016 03:24:29 PM
....The son of diplomats, Woods was born in New Zealand and was educated in the UK. He joined the Bank in 2013 from the now defunct Financial Services Authority, which he joined in 2011 after ten years at the Treasury which led to his positions at UKFI and ICB. ...
Zero-hours contracts make it harder for workers to save, says FCA image
Source : Guardian [Read Article] Tuesday 5th of April 2016 02:27:24 PM
.... “This includes considering the immediate and short-term consequences of any vote to leave the EU, such as the potential for increased market volatility,” it said. The body, set up by the Conservative-Liberal Democrat coalition government to replace the Financial Services Authority, set out seven priorities for the new financial year to March 2017. ...
Should I get an Innovative Finance Isa? image
Source : BBC [Read Article] Saturday 26th of March 2016 01:47:21 AM
....Yippee!. But just weeks before launch day in April, Lord Turner, the former boss of the Financial Services Authority, let off an intellectual grenade designed to inflict serious damage on the whole idea of what is known as Peer-to-Peer (P2P) lending. ...
Paul Flowers, former Co-op bank chief: ‘Don’t laugh too horribly, but I try to be a decent Christian person’ image
....But Flowers still insists he wasn’t out of his depth. Chatting in his conservatory, surrounded by books, including Johann Hari’s investigation of failed drug prevention policies, Chasing the Scream, he says he beat five others in an “open competition” to get the gig, and his appointment was twice “affirmed” in interviews with the Financial Services Authority (FSA). ...
SFO ends foreign exchange fraud inquiry with no charges brought image
Source : Guardian [Read Article] Tuesday 15th of March 2016 04:05:17 PM
....The Libor rigging scandal also spurred George Osborne into changing how the fines levied by the City regulator were used. They had previously gone back to the FCA and its predecessor, the Financial Services Authority, but he changed the rules to ensure that the cash – minus costs – went to the Treasury. ...
The gloves are finally off for epic Brexit fight image
Source : Telegraph [Read Article] Saturday 20th of February 2016 04:30:51 PM
.... Is peer-to-peer lending an accident waiting to happen, or is it, as its sponsors claim, a revolution in banking that will eventually challenge the dominance of conventional lenders? . I’m hoping it’s the latter, but there are plenty of sceptics, not least the former Financial Services Authority chairman, Adair (Lord) Turner. ...
Peer-to-peer lending: everything you need to know about the leading websites image
Source : Telegraph [Read Article] Wednesday 17th of February 2016 07:14:33 AM
.... Peer-to-peer lending has many supporters and many sceptics. Some of the most serious reservations were voiced last week by Lord (Adair) Turner, the former chairman of the Financial Services Authority, a previous incarnation of the City regulator. ...
Fraudster 'King Popper' ordered to repay £2.65m image
Source : Telegraph [Read Article] Friday 12th of February 2016 05:52:40 PM
....” . Hope, now 27, was investigated by then-City regulator the Financial Services Authority and last year was jailed for seven years. ...
Former City regulator warns of potential peer-to-peer lending crisis image
Source : Guardian [Read Article] Wednesday 10th of February 2016 01:32:08 PM
.... Nicola Horlick, one of the City’s most high-profile figures, launched a P2P lender for businesses in 2014. Turner chaired the Financial Services Authority from September 2008 until it was disbanded in 2013. ...
Warning of 'indefinite low rates' image
Source : BBC [Read Article] Wednesday 10th of February 2016 06:09:39 AM
...."We have not yet seen, regarding investment intentions, any weakening of those of late, but obviously it's something we watch pretty closely," he said. Lord Turner was chair of the Financial Services Authority until its abolition in 2013. ...
Former JP Morgan banker fined over London Whale losses image
Source : Guardian [Read Article] Tuesday 9th of February 2016 02:08:19 PM
....The bank paid $920m in fines to US and UK authorities in 2013 to settle investigations into the scandal. The FCA said Macris was obliged to deal with its predecessor, the Financial Services Authority, in a co-operative, open way but that from the end of March 2012 to the end of April 2012 he failed to inform the FSA about concerns over the synthetic credit trades. ...
When economists ignore the human factor, we all pay the price | Timothy Garton Ash image
....Related: Are we heading for a crash? | Albert Edwards, Aditya Chakrabortty, Linda Yueh, Ruth Lea, Fred Harrison, Vicky Pryce, Dambisa Mayo, Yanis Varoufakis, Mariana Mazzucato. Adair Turner, who saw top-level decision-making as head of Britain’s Financial Services Authority and now chairs Inet, gives a measured, cogent version of the critique in his book Between Debt and the Devil. ...
Treasury committee chairman steps up pressure over KPMG audit of HBOS image
Source : Guardian [Read Article] Wednesday 3rd of February 2016 11:45:02 AM
....”. The official report into HBOS’s failure, and a separate review of decisions taken by the now-defunct Financial Services Authority, has reopened questions over the bank’s near-collapse. ...
MPs debate the FCA: Seven things you might have missed image
Source : Telegraph [Read Article] Tuesday 2nd of February 2016 11:43:18 AM
.... . Guto Bebb, the Tory MP who called for the vote of no confidence, complained that “the degree of change has been overstated” since the FCA replaced the Financial Services Authority in 2013, noting that it is staffed by many of the same people as its crisis-era predecessor. ...
£50m lost because watchdogs 'did nothing’ image
Source : Telegraph [Read Article] Monday 1st of February 2016 09:03:09 AM
.... . Damning email evidence from the informer shows how the then regulator, the Financial Services Authority (FSA), the City of London Police and HMRC all failed to act to protect the public, causing hundreds of investors to lose millions of pounds needlessly. ...
MPs to debate whether Financial Conduct Authority is up to job of regulating City image
....Mann is expected to accuse the FCA of failing to regulate foreign exchange firms tightly enough, to ensure they don’t offer misleading exchange rates to consumers. The FCA has only been in existence since April 2013 when the coalition government disbanded the-then City regulator, the Financial Services Authority. ...
Lloyds sell-off teaches George Osborne a valuable lesson in timing image
Source : Guardian [Read Article] Thursday 28th of January 2016 02:42:01 PM
....The investigation of HBOS bosses, mark two, can’t fail to be better than the original version. Recall Andrew Green QC’s damning verdict – “materially flawed” – in November on the old Financial Services Authority’s timid efforts back in 2009 that led to action against only Peter Cummings, the bank’s former head of corporate lending. ...
Regulators to investigate HBOS managers image
Source : BBC [Read Article] Thursday 28th of January 2016 11:13:19 AM
.... . A Bank of England/FCA report examined the failure of HBOS, while Mr Green examined decisions taken by the Financial Services Authority, the City regulator at the time of the HBOS demise. ...
City watchdogs open probe into HBOS directors  image
Source : Telegraph [Read Article] Thursday 28th of January 2016 10:50:36 AM
.... . The financial regulator of the day, the Financial Services Authority (FSA), failed to take records on the crucial meeting in January 2009 when the decision to investigate Mr Cummings alone was taken, according to last year's report. ...
FCA orders new inquiry into HBOS chiefs image
Source : Guardian [Read Article] Thursday 28th of January 2016 10:21:45 AM
.... The investigation is likely to take many months and could face multiple legal hurdles if individuals choose to challenge potential attempts to ban them. The decison follows a highly critical report in November by Andrew Green QC into decisions made by the FCA’s predecessor, the Financial Services Authority, over HBOS. ...
Five priorities to help Andrew Bailey avoid burnout at the FCA image
Source : Telegraph [Read Article] Tuesday 26th of January 2016 08:02:54 PM
.... . An effigy of Bailey’s immediate predecessor Martin Wheatley was burnt outside his offices (admittedly during his time as head of the Hong Kong financial regulator); Wheatley’s predecessor, Hector Sants, retired from his job at Barclays with “exhaustion and stress” soon after leaving what was then the Financial Services Authority. ...
New self-cert mortgage lender 'can't meet demand' image
Source : Guardian [Read Article] Wednesday 20th of January 2016 04:46:31 PM
.... They were hugely popular before the credit crisis and hugely controversial, amid evidence that many firms let borrowers inflate their salaries to obtain bigger home loans. These loans were banned by the Financial Conduct Authority in 2014, following a review of the mortgage market that was launched in 2009 by then then regulator, the Financial Services Authority. ...
MP urges Osborne bank probe scrutiny image
Source : BBC [Read Article] Friday 8th of January 2016 01:40:11 PM
.... Mr Wheatley, who helped set up the regulator and was perceived as being tough on the banks, had been told that his contract would not be renewed. Ms McDermott has withdrawn her name from consideration to succeed Mr Wheatley on a permanent basis, prompting claims by the opposition that the regulator - which replaced the Financial Services Authority in 2013 - is "rudderless". ...
Pressure builds on FCA as Osborne rules out Tracey McDermott from top job image
Source : Telegraph [Read Article] Thursday 7th of January 2016 11:24:52 AM
.... . The watchdog, which replaced the Financial Services Authority in 2013, also faced ire for the lack of punishments meted out to the bankers involved in HBOS. ...
FCA bosses to face MPs over dropped review into banking culture image
Source : Guardian [Read Article] Thursday 7th of January 2016 08:53:59 AM
....Related: Banking culture review: Treasury defends FCA decision to scrap study. The FCA was created in 2013 to replace the Financial Services Authority following the financial crash, with a remit to regulate conduct related to the marketing of financial products. ...
Five more facing insider dealing charges after nine-year inquiry image
Source : Telegraph [Read Article] Saturday 2nd of January 2016 05:50:52 PM
.... . The investigation was launched by the Financial Services Authority, the predecessor to the FCA, in 2007. ...
Willie Walsh's threats over Heathrow runway dithering is just hot air image
Source : Guardian [Read Article] Tuesday 15th of December 2015 08:05:42 PM
....If life had turned out differently, Sir Hector Sants would be the UK’s top financial regulator – chief executive of the Prudential Regulation Authority (PRA) and a deputy governor of the Bank of England. He was appointed to those posts when boss of the old Financial Services Authority (FSA) but resigned suddenly in 2012, the year before the rejig in supervisory bodies took effect. ...
MPs pile pressure on accountancy watchdog to investigate HBOS auditors image
Source : Guardian [Read Article] Tuesday 15th of December 2015 05:57:00 PM
....Related: Decision over HBOS investigation was made without full evidence, MPs told. The MPs were also told by Andrew Bailey, deputy governor of the Bank of England, that his predecessor, Sir Hector Sants, bore responsibility for the decision by the then City regulator, the Financial Services Authority, to investigate only one former HBOS banker. ...
FCA fines Threadneedle £6m for Argentinian trades image
Source : Telegraph [Read Article] Tuesday 15th of December 2015 03:07:02 PM
.... . The Financial Services Authority, the predecessor of the FCA, asked Threadneedle to fix shortcomings in how it oversaw its dealing desks before the trades took place. ...
Accounting watchdog accused of flunking HBOS probe image
Source : Telegraph [Read Article] Monday 14th of December 2015 07:46:38 PM
.... . Meanwhile, Andrew Green QC, the author of the report into the Financial Services Authority’s response to HBOS’ collapse, said the current regulators were wrong to hide the names of some officials involved in the bad decisions made in 2008 and 2009. ...
Decision over HBOS investigation was made without full evidence, MPs told image
Source : Guardian [Read Article] Monday 14th of December 2015 07:29:13 PM
....During evidence given at the Treasury select committee on last month’s report into HBOS, MPs were also told it was obvious that Andy Hornby, the former chief executive who now holds a senior role at bookmakers Gala Coral, should have been investigated. They also heard that Sir Hector Sants, the former boss of the Financial Services Authority, should bear responsibility for the narrow scope of the investigation which led to only Peter Cummings, the former head of the HBOS corporate bank, being banned and fined £500,000 in 2012. ...
Investigate KPMG's audit of HBOS, urges Tyrie image
Source : Telegraph [Read Article] Monday 14th of December 2015 12:01:42 AM
.... . Investigators found poor records at HBOS and the Financial Services Authority at critical moments during and before the financial crisis. ...
MPs ask accountancy watchdog to look again at HBOS auditors image
Source : Guardian [Read Article] Monday 14th of December 2015 12:01:41 AM
.... Green concluded it was in the public interest for regulators to widen their investigation beyond Peter Cummings, who was banned and fined £500,000 in 2012. The regulator at the time was the Financial Services Authority, which has since had its responsibilities split between the Financial Conduct Authority and the Bank of England’s Prudential Regulatory Authority. ...
Alliance Trust chairman Karin Forseke steps down after board shake-up image
Source : Telegraph [Read Article] Friday 27th of November 2015 09:03:46 AM
...." . Ms Forseke's career in finance has included three years as chief executive of Carnegie, the Swedish investment bank, and eight years on the board of the Financial Services Authority in the UK. ...
Barclays fined £72m over 'elephant deal' image
Source : Guardian [Read Article] Thursday 26th of November 2015 11:47:18 AM
.... As result the fine is the largest imposed for financial crime failings. It is the seventh penalty imposed on Barclays since 2009, bringing itspenalty bill from the FCA and its predecessor, the Financial Services Authority, to nearly £500m. ...
HBOS's fall is a tale of extraordinary Hubris image
Source : Telegraph [Read Article] Saturday 21st of November 2015 08:30:10 PM
.... Even in early 2008, bosses failed to appreciate the seriousness of their predicament. “[HBOS] is in as secure a position as it could be,” the bank’s chairman, Lord Stevenson, told the Financial Services Authority in March 2008. ...
HBOS report will do little to quell discontent image
Source : Telegraph [Read Article] Saturday 21st of November 2015 05:37:21 PM
.... . Delving into risk and governance transgressions by senior management and flaws in regulatory oversight from the now defunct Financial Services Authority, the report described how HBOS’s balance sheet ballooned from £477bn in 2004 to £690bn in 2008 – even after the collapse of Northern Rock raised huge doubts about the availability of wholesale funding. ...
HBOS reports don't go far enough, says Lloyds shareholder group image
Source : Telegraph [Read Article] Friday 20th of November 2015 06:17:27 PM
.... . The committee is also expected to call Andrew Green QC, the author of a report into the now-defunct Financial Services Authority’s handling of the HBOS investigation, and representatives of the Financial Conduct Authority about the findings of the new reports. ...
Why I believe there should be no further action over the £20bn collapse of HBOS image
. On Christmas Eve 2008, a member of the Financial Services Authority’s supervision team emailed a colleague asking her to “set up a meeting early in the new year for the four of us to discuss the potential scope of enforcement against HBOS. ...
Why did the watchdog chase just one banker over HBOS collapse? image
Source : Telegraph [Read Article] Thursday 19th of November 2015 02:05:39 PM
.... . The Financial Services Authority, which was said to be “stretched almost to breaking point” by funding constraints, chose to pursue only one former HBOS executive after the bank’s failure, according to the report by Andrew Green, the barrister who was asked to re-examine the watchdog’s response to the 2008 collapse last year. ...
HBOS report: a damning indictment of failed bankers and regulators image
Source : Guardian [Read Article] Thursday 19th of November 2015 12:23:20 PM
....Why has it taken seven years for an official inquiry to reach the common sense verdict that the board and senior management of HBOS were ultimately to blame for the bank’s failure?. The short answer is that the HBOS board had a rival in the incompetence stakes in the form of the old Financial Services Authority. ...
Banking and the failure of policing image
Source : BBC [Read Article] Thursday 19th of November 2015 12:15:07 PM
....In one sentence, the major regulator of a crisis-ridden banking system reveals the truth about the chaos in the run-up to the financial crisis. "The FSA [Financial Services Authority] was stretched almost to breaking point. ...
HBOS collapse: report recommends formal investigation into executives image
Source : Guardian [Read Article] Thursday 19th of November 2015 12:04:48 PM
....Related: HBOS collapse: where are the main players now?. The now defunct City regulator, the Financial Services Authority, was also criticised, both for its approach to overseeing banks in the run-up to the crisis and for the way it decided to only punish one of HBOS executives, Peter Cummings, in the wake of its near collapse. ...
Up to 10 former HBOS executives could be banned over collapse, damning report finds image
.... . The financial regulator of the day, the Financial Services Authority (FSA), failed to take records on the crucial meeting in January 2009 when the decision to investigate Mr Cummings alone was taken, and no former regulators were able to recall what happened at that meeting or why he was the sole target of the probe, rather than including other executives. ...
HBOS's former bosses wait to learn their fate image
Source : Guardian [Read Article] Thursday 19th of November 2015 06:00:09 AM
....Peter Cummings, the former head of commercial arm of HBOS, is the only bank executive to have been censured over the affair. He was investigated by the now defunct Financial Services Authority (FSA) following the takeover of HBOS by Lloyds TSB in September 2008 and the subsequent £20bn taxpayer bailout of the enlarged bank. ...
HBOS timeline: the countdown to collapse image
Source : Guardian [Read Article] Thursday 19th of November 2015 06:00:09 AM
....May 2001 Halifax and Bank of Scotland merge to create HBOS, a “new force in banking”. January 2004 Mike Ellis, the then finance director, tells the board the Financial Services Authority (FSA) is concerned the bank is an “accident waiting to happen”. ...
Bankers and politicians braced for long-delayed HBOS report image
Source : Telegraph [Read Article] Wednesday 18th of November 2015 08:26:07 PM
.... . As a result the Financial Services Authority – the City regulator at the time – is also expected to be criticised, both for failing to spot that the bank’s business model was fatally flawed, and for the weakness of its investigation in the aftermath of the collapse. ...
HBOS report expected to put fresh scrutiny on former bosses image
Source : Guardian [Read Article] Wednesday 18th of November 2015 06:00:10 AM
.... Cummings, who ran the commercial arm, was banned from working in finance and fined £500,000 for his role in the events that led to the emergency rescue of the country’s biggest mortgage lender and savings institution. James Crosby and Andy Hornby, former chief executives, and the chairman Lord Stevenson have already been accused of a “colossal failure of management” by the parliamentary commission on banking standards, while the former City regulator, the Financial Services Authority, reprimanded the Bank of Scotland arm for failing to manage its risks properly. ...

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