View Post

UK regulators pronounce on HBOS

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Financial Intelligencer Date: 18 November 2015 Seven years since HBOS crashed and burned, we are about to find out why, from a report to be jointly published on Thursday morning by the UK’s Financial Conduct Authority and Prudential Regulation Authority (part of the Bank of England). …

View Post

Cummings–losing touch with reality?

In Blog by Ian Fraser2 Comments

December 15th, 2012 In his testimony to the Parliamentary Commission on Banking Standards taken, taken in private in his Dumbartonshire bungalow on November 27th, the former HBOS corporate chief executive Peter Cummings railed against the FSA and criticised his boardroom colleagues but seemed to be as much in denial as ever. …

View Post

Sir James Crosby, the ex HBOS boss, and the concept of mercy

In Blog by Ian Fraser1 Comment

December 1st, 2012 In a comment piece in Saturday’s Times, financial editor Patrick Hosking gave ten reasons why the Parliamentary Commission on Banking Standards must show absolutely no mercy to the former HBOS chief executive James Crosby when he appears before it at 3.30pm on Monday afternoon. This is no time for faux deference, taking mendacious …

View Post

Sir Ron Garrick fiddled while HBOS burned

In Blog by Ian Fraser0 Comments

November 26th, 2012 (updated November 27th 2012) [Note: if the video of the Parliamentary Commission on Banking Standards’ cross-examination of Sir Charles Dunstone and Sir Ron Garrick at the foot of this blog post starts to play, you need to scroll down to the bottom of this blog post to …

View Post

Book review: Going for broke

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Scottish Review of Books Date November 17th, 2012 It was intended as a memorial to the Scots who died in the Napoleonic Wars. But it wasn’t long before the incomplete replica of the Parthenon on Calton Hill was labelled ‘Edinburgh’s disgrace’. This was because the so-called National …

View Post

It’s time the FSA learnt the lessons of Hillsborough. Eventually the truth will out

In Blog by Ian Fraser2 Comments

17 September 2012 (Updated 11.25am) Studiously ignoring the roles of “establishment” figures like Sir James Crosby and Lord Stevenson in the demise of disastrous Edinburgh-based bank HBOS, regulator the Financial Services Authority is seeking to heap all the ordure on the less establishment Peter Cummings. I am not suggesting that Cummings is …

View Post

Peter Cummings’ ‘Aladdin’s Cave’

In Blog by Ian Fraser0 Comments

31 January 2012 The man who destroyed the Bank of Scotland with a reckless and out-of-control corporate and real-estate lending spree is in the media again. Mortgage Strategy has an article (Living in the age of less reason) which touches on the “pig on pork” or integrated finance model favoured …

View Post

KPMG and the HBOS whistleblower

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 18 December 2011 KPMG was already auditing Halifax when the ex-building society merged with Bank of Scotland a decade ago, and the audit firm took over responsibility for auditing HBOS books from September 2001. The firm fulfilled this function until HBOS had to …

View Post

The FSA’s cosy deals are a travesty of regulation

In Article Library by Ian Fraser1 Comment

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 …