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Government to appoint advisors to oversee HBOS probe
September 13, 2012 / 3:54 PM / 5 years ago

Government to appoint advisors to oversee HBOS probe

LONDON (Reuters) - Independent advisors will be appointed to oversee the regulator’s planned report into HBOS Plc, the mortgage bank that almost collapsed in 2008 and was taken over by Lloyds.

A worker leaves HBOS offices, in Edinburgh, Scotland on September 18, 2008. REUTERS/David Moir

Specialist advisers will be appointed to oversee the drafting process and provide assurance that the FSA report “is a fair and balanced reflection of the evidence”, Andrew Tyrie, chairman of parliament’s Treasury Committee, said on Thursday.

Tyrie said he had written to Adair Turner, chairman of Financial Services Authority (FSA), to make clear his committee will require the FSA to conduct a comprehensive assessment of the reasons for HBOS’s failure and of the FSA’s conduct, similar to the work it did on Royal Bank of Scotland, which like HBOS needed to be rescued by taxpayers.

The FSA said on Wednesday it would produce a full report on the causes and failures of HBOS, after the regulator ended an investigation into former HBOS head of corporate lending Peter Cummings and fined him 500,000 pounds.

Reporting by Steve Slater; Editing by David Holmes

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