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How terribly convenient! (bank bosses escape fines)

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Itchy
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Joined: 07 Apr 2005
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PostPosted: 23:29 - 19 Nov 2015    Post subject: How terribly convenient! (bank bosses escape fines) Reply with quote
https://www.theguardian.com/business/2015/nov/15/ex-hbos-bosses-escape-fines-delayed-report

Quote:
Regulators set to heavily criticise three bosses but time it took to produce report means fines for wrongdoing are expected to be unapplicable

Former HBOS bosses who are expected to be heavily criticised this week over their role in the bank’s near-collapse are likely to escape fines because regulators’ report into the matter took so long to complete.

HBOS had to be rescued by rival Lloyds in September 2008 and the enlarged institution was later bailed out with £20bn of taxpayers’ cash.

A Bank of England and Financial Conduct Authority report into the debacle is to be published on Thursday after a series of delays.

The former chairman, Lord Stevenson, and chief executives James Crosby and Andy Hornby are expected to be heavily criticised in the 500-page report and could face bans from the financial services industry.

But fines cannot be imposed for any wrongdoing unless the report reveals significant new information, because regulators did not warn executives of any enforcement action before a six-year statute of limitations ran out last year.

The main report, which reviewed more than 200,000 evidence documents, was completed 18 months ago.


No-one's to blame again. It's a British tradition.
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Rogerborg
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Joined: 26 Oct 2010
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PostPosted: 00:06 - 20 Nov 2015    Post subject: Reply with quote
These "bans" that they're on about, surely that's infringing their human rights and all that. They're probably capable of taking them all the way to Strasbourg.
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Suntan Sid
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Joined: 07 May 2009
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PostPosted: 01:51 - 20 Nov 2015    Post subject: Reply with quote
Too big to fail! Rolling Eyes

Who'd have thunk it!
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MCN
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Joined: 22 Jul 2015
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PostPosted: 18:42 - 20 Nov 2015    Post subject: Reply with quote
One of the Bastirts of HBOS is currently chair of a big concern in the process of a merger and he stands to earn a whack from the deal. (Just B4 he retires and becomes out of reach.)

Banning? Oh noooooo. Please don't ban me.... Smile

This cunt .
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Old Thread Alert!

The last post was made 10 years, 230 days ago. Instead of replying here, would creating a new thread be more useful?
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