Friday, 5 April 2013

UK: Banking Standards Commission publishes report on the failure of HBOS

The Parliamentary Commission on Banking Standards published its fourth report today. Titled ‘An accident waiting to happen’: The failure of HBOS, the report is divided into two volumes: volume one (here, pdf) contains the report and formal minutes; volume two (here, pdf) contains oral and written evidence. Amongst other things, the report is critical of the way in which the HBOS board operated, describing it as "a model of self-delusion, of the triumph of process over purpose", and with the failure of the regulatory system to impose sanctions that would have deterrent effect. The subject of sanctions will be further considered by the Commission in its final report.

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