Regulators respond to MP on HBOS investigation queries

Sam Woods (PRA) and Nikhil Rathi (FCA) have written to Kevin Hollinrake MP on behalf of the APPG on Fair Business Banking. The regulators have responded to Mr Hollinrake’s questions following the closure of investigations into the failure of HBOS without enforcement action against certain former HBOS senior managers.

The letter provides additional context on the regulators’ enforcement powers before responding to questions concerning:

• The date (or dates) when the decision was made
• Reasons for the decision
• The persons who made the decision
• The factual materials considered by those persons
• To what extent delaying the decision to consider the findings of the Dobbs Report was considered
• The process for and costs of the investigations that led to the decision