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It was the holding company for Bank of Scotland plc, which operated the Bank of Scotland and Halifax brands in the UK, as well as HBOS Australia and HBOS Insurance & Investment Group Limited, the group's insurance division. HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland. [1]
- Failings in Management, Governance and Culture
- Recommendations For Boards and Directors
- Other Issues
- Reaction to The Report
- Conclusion
The report found that failings in the management, governance and culture of the firm had a direct impact on the poor quality and heavily concentrated nature of HBOS’s lending, and that these failings were the underlying cause of the firm’s financial vulnerabilities. Some of the key findings include that: 1. although the composition, size and struct...
The report includes a number of recommendations for bank boards in relation to management, governance and culture. The report notes that they ‘have been kept concise by not including points where in our view major changes resulting from the lessons of the financial crisis have been implemented, and ‘[i]nstead, the recommendations cover areas where ...
In addition, the report found that ‘flaws in the FSA’s [the Financial Services Authority, the FCA's predecessor] supervisory approach meant it did not appreciate the full extent of the risks HBOS was running and was not in a position to intervene before it was too late’. It includes some recommendations for regulators, which focus on: the ‘will to ...
There has been a great deal of comment on the report from both industry and the media. The UK’s Institute of Directors (IOD) said that report ‘shows the importance of having experienced and strong company directors round the board table’. The IOD’s Senior Corporate Governance Adviser, Oliver Parry said that the report is ‘a timely reminder that whe...
Australian boards may, with good reason, feel far removed from the events affecting HBOS in 2008. In addition, the number of compounding failings at HBOS mean that the events and outcome are unlikely to be directly relevant to the boards of any large Australian company. However, as governance, culture and risk are all essential, but difficult, area...
Apr 5, 2013 · A damning report on the collapse of HBOS says three former bosses should be banned from working in banking, leading one of them to resign from an investment firm.
Sep 18, 2008 · A week ago HBOS was an large independent bank, braced for the challenges of the credit crunch. Today, it is a subsidiary-in-waiting at Lloyds TSB, cut down by unidentified assailants. Whodunnit?...
Nov 19, 2015 · HBOS became part of the Lloyds Banking Group and needed a £20.5bn injection from UK taxpayers to prevent it from crashing.
Nov 19, 2015 · The Prudential Regulation Authority has written the first four chapters on why HBOS failed, its dealings with the regulator and its governance and culture.
People also ask
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Oct 8, 2008 · Commonwealth Bank of Australia is to pay just A$2.1bn ($1.4bn) to acquire BankWest from its struggling UK parent HBOS, in a deal that underlines the opportunities for well-capitalised banks to...
