September 28th, 2012 (updated Sept 29th, 2012) In the days after the Libor scandal erupted with the Barclays settlement of June 27th, there was little doubt about it. Banks including Barclays had been systematically engaged in the rigging, and attempts to rig, the Libor interbank rates as well as other …
Written evidence to the Parliamentary Commission on Banking Standards
Parliamentary Commission on Banking Standards Submission from Ian Fraser, 24 August 2012 [Update: January 12, 2013. This is my submission to the Parliamentary Commission on Banking Standards, which is being chaired by Andrew Tyrie MP. Written in August 2012, it was published on the Parliamentary website [pdf 28mb] on December 19th, 2012 …
Martin Wheatley: Elements of UK banking culture “rotten to the core”
September 7th, 2012 The managing director of the Financial Services Authority, Martin Wheatley, has launched a stinging attack on ‘mis-selling’ of financial products by banks, building societies and other financial institutions to their retail customers, even describing the incentive schemes that underpinned the ‘misselling’ of payment protection insurance (PPI) as …
Loss of trust
By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style …
Ex-RBS chief Fred Goodwin will tell court: I did nothing wrong
By Ian Fraser Published: The Herald Date: June 26, 2012 Disgraced former Royal Bank of Scotland chief Fred Goodwin will tell a court that he did not dupe the bank’s shareholders when he asked them for £12 billion just months before its near-collapse, writes IAN FRASER. Mr Goodwin and other former …
The Worst Bank in the World? HBOS’s Calamitous Seven Year Life
February 27th, 2010 (updated June 22nd, 2012) HBOS’s entrance on The Mound; Image: The We Lessons must be learnt from the short and calamitous history of HBOS, the bank which effectively went bust in September 2008, writes Ian Fraser (Note: This article was first posted under the headline “HBOS: When …
The Worst Bank in the World? HBOS’s Calamitous Seven Year Life
Editorial note: June 22nd, 2012 A revised and updated version of this blog is now available via the following link:- The Worst Bank in the World? HBOS’s Calamitous Seven Year Life
Rowan Bosworth-Davies | It’s time we stopped assuming bankers are gentlemen
4 April 2012 In the third in a series of guest posts, Rowan Bosworth-Davies, a financial crime consultant and former Scotland Yard detective, examines the strange assumption that ultimately lay behind the Financial Services Authority’s failure When I was a detective at the Metropolitan Police Company Fraud Department, in 1984, my commander sent me to …
Rowan Bosworth-Davies | Sants epitomises what’s wrong with the City and its style of regulation
20 March 2012 By Rowan Bosworth-Davies In this guest post, financial crime consultant and former Scotland Yard detective Rowan Bosworth-Davies, puts his finger on the fundamental flaws in the way in which the financial sector is regulated in the UK. He believes the major issue is a cultural one. If …
‘Now that the FSA chief executive has gone — its chairman should be next’
By Ian Fraser Published: Sunday Herald Date: 18 March 2012 One of Scotland’s highest-profile investment experts, Alan Steel, has called on Financial Services Authority chairman Lord Turner to “consider his position” following Friday’s surprise resignation of the watchdog’s chief executive, Hector Sants. Sants’s departure followed a Sunday Herald exclusive in …
Hector Sants, the Independent and the £5,000 pay-off
By Jim Parton Published: 16 March 2012 Hector wasn’t a ‘card-carrying nasty bastard’. He was merely bland, writes former colleague Jim Parton ‘I couldn’t see the point of suffering in the City of London if the sums I earned were only mildly revolting, as opposed to completely obscene.’ These were …
The writing’s been on the wall for FSA’s Hector Sants for some time
16 March 2012 I am not surprised that Hector Sants, who has been chief executive of the FSA since July 2007 and joined it from Credit Suisse in May 2004, has resigned. He is to remain in post until June 29th to assure a smooth handover as the organisation moves towards …
If Hector Sants gets the PRA job, it’ll be the ultimate reward for failure
By Ian Fraser Published: QFINANCE Date: 15 February 2012 The Financial Services Authority’s chairman Lord Turner made a fairly staunch defense of FSA chief executive Hector Sants at a hearing of the Treasury Select Committee on January 30. But some of the MPs on the committee seemed unconvinced that Sants, who earned £807,000 as FSA chief …
FSA’s Hector Sants passes the buck for financial crisis
By Ian Fraser Published: QFINANCE Date: 14 February 2012 At a hearing of the Treasury Select Committee last month Financial Services Authority chief executive Hector Sants seemed determined to persuade MPs that he had done something – anything – to prevent the failure of Royal Bank of Scotland (full video above). …
The FSA’s cosy deals are a travesty of regulation
By Ian Fraser Published: QFINANCE Date: 5 December 2011 Ever since its failures as a regulator were revealed by the collapse of Northern Rock in September 2007, the UK’s Financial Services Authority has shown a remarkable lack of enthusiasm for rooting out financial crime, and very little introspection or contrition about its own pre-crisis …
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