FSA to publish HBOS failure report
The FSA said HBOS was the subject of ongoing enforcement investigations, the final results which are not yet known.
Adair Turner, chairman of the FSA, said: “Producing such a public information report will be appropriate whatever the final result of the enforcement investigation.
“This is because even a successful enforcement action, accompanied by the publication of related evidence, would only illuminate very specific elements of the HBOS story, rather than providing a comprehensive account of the causes of failure.
“The report will provide an account of the developments over the years preceding the crisis which put HBOS in an unsustainable position in autumn 2008, and identifying any deficiencies in the FSA’s regulation and supervision of it.”