The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have started investigations into certain former HBOS senior managers.

The regulators said their investigations will determine whether or not any prohibition proceedings should be commenced against them. The FCA and PRA continue to review materials with a view to making further decisions regarding other former HBOS senior managers.

These decisions follow a report by Andrew Green QC regarding the Financial Services Authority’s enforcement actions following the failure of HBOS.
This report recommended that the FCA and PRA should consider whether any former HBOS senior managers should be the subject of an enforcement investigation.