HBOS plc regulatory case concluded


Financial regulators have concluded a lengthy and detailed investigation into the conduct of a number of former senior managers at HBOS plc, deciding to take no further action.

Six years ago, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) began investigations into the failure of HBOS.

Following the joint FCA and PRA investigation, the regulators announced on 26 August 2022 that their independent decision-making bodies (the Regulatory Decisions Committee and the Enforcement Decision Making Committee) had reviewed the matters under investigation and concluded that “no enforcement action should be taken against these former HBOS senior managers.”

Alex Bailin QC represented one of the senior HBOS managers during the investigations.