The FCA and the Prudential Regulation Authority (PRA) are publishing a review into the failure of HBOS Group.
The purpose of the review was to analyse the causes of the firm’s failure, and to draw out lessons for the future for both the industry and the regulatory system as a whole.
As part of the review, Andrew Green QC was asked to provide an independent assessment of whether the decisions taken on enforcement by the Financial Services Authority (FSA), the predecessor to the PRA and FCA, were reasonable.
The PRA and FCA are also publishing Andrew Green’s report into the FSA’s enforcement actions following the failure of HBOS.
Key documents
Executive summary and recommendations[1] (PDF)
Full report: Review into the failure of HBOS Group[1] (PDF)
Report by Andrew Green QC into the FSA’s enforcement actions following the failure of HBOS[2] (PDF)
Sections of the review
Foreword to the review (PDF)[3]
Part 1: Executive summary and recommendations[5] (PDF)
Part 2: How did HBOS fail? (PDF)[6]
Part 3: Management, governance and culture in the failure of the firm (PDF)[7]
Part 4: FSA Supervision (PDF)[8]
Appendix 1: Review period, scope and processes followed (PDF)[9]
Appendix 2: Detailed terms of reference for the HBOS review (PDF)[10]
Appendix 3: Chronology of key events (PDF)[11]
Appendix 4: Questions from the Parliamentary Commission on Banking Standards (PDF)[12]
Appendix 5: Comparison of HBOS with Halifax and Bank of Scotland (PDF)[13]
Appendix 6: Summary of directors' roles and experience (PDF)[14]
Appendix 7: Timeline of membership of the Board (PDF)[15]
Appendix 8: HBOS plc structure of Board committees (PDF)[16]
Appendix 9: The FSA’s management and Board during the review period (PDF)[17]
Appendix 10: Glossary of main terms, other acronyms and abbreviations (PDF)[18]