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UK regulators pronounce on HBOS

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). The Edinburgh-based bank, which had assets […]

November 18th, 2015 | Posted in Article Library | Read More »

Cummings–losing touch with reality?

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. There was no contrition, no […]

December 15th, 2012 | Posted in Blog | Read More »

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

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 spin at face value, letting […]

December 1st, 2012 | Posted in Blog | Read More »

Sir Ron Garrick fiddled while HBOS burned

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 pause or mute it] It […]

November 26th, 2012 | Posted in Blog | Read More »

Andy Hornby and Peter Cummings said to have fought as they led HBOS to disaster

November 19th, 2012 My review of Ray Perman’s Hubris: How HBOS Wrecked the Best Bank in Britain was published in the Scottish Review of Books at the weekend. The full review — which is in fact more of an essay about how a small group of misguided people trashed Scotland’s banking sector and squandered three […]

November 19th, 2012 | Posted in Blog | Read More »

Book review: Going for broke

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 Monument was left half-finished, with […]

November 17th, 2012 | Posted in Article Library | Read More »

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

September 17th, 2012 (Updated 11.25am) (edited Dec 16th 2012) Studiously ignoring the roles of “establishment” figures like Sir James Crosby and Lord Stevenson in the demise of disastrous Edinburgh-based bank HBOS, the Financial Services Authority is seeking to heap all the ordure on the less establishment Peter Cummings. Now I am not suggesting that Cummings is […]

September 17th, 2012 | Posted in Blog | Read More »

McColl and Hunter attack FSA’s ‘disgraceful’ treatment of HBOS’s Cummings

By Ian Fraser Published: Sunday Herald Date: September 16th, 2012 High profile figures say banker Peter Cummings has been made a scapegoat (Note: This is a longer version of an article published as the lead business story in the Sunday Herald on September 16th, 2012) Jim McColl, Scotland’s highest-profile business figure, has added his weight […]

September 16th, 2012 | Posted in Article Library | Read More »

Peter Cummings: The FSA’s approach is ‘tokenism at its most sinister’

September 12th, 2012 (updated 9.45am September 13th) Here’s a statement issued this afternoon by the former HBOS director Peter Cummings, in the wake of today’s 92-page Final Notice from the FSA. For once, I agree with some of what Cummings says, especially about the FSA’s failure to bring other HBOS board directors — including its former chief […]

September 12th, 2012 | Posted in Blog | Read More »

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 did the rot set in? […]

June 22nd, 2012 | Posted in Blog | Read More »