FSA gave life ban to HBOS director Peter Cummings
The Former director of the HBO,S Peter Cummings has been a fine of 500,000 pound as well as has also been banned for life from working in the City.
This action against the former head of HBOS’s corporate banking is the harshest one to be imposed against any senior figure at any of the banks that were bailed out during the time of the financial crisis.
There were talks that Cummings has actually been widely held to be responsible for the lending that had led to a bail out which was worth a multi-billion pound of the bank as well as then it is being taken over by the Lloyds Banking Group.
While giving its report into the near collapse of the HBOS, the Financial Services Authority that is the FSA has made a conclusion that the bank was guilty of “very serious misconduct”. Along with this, it has also found that the corporate division was the “highest risk part” of the bank.
The watchdog of the City has decided to waive off what could have been a sum of 50 million pounds to somewhere around 100 million pounds in the form of fine against the bank in order to save the payers of the taxes, from any more kind of further expense. Following the takeover of the HBOS bank by the Lloyds is 43 per cent owned by the payers of the taxes.
Tracey McDermott, who is the director of enforcement as well as the financial crime at the FSA was of the view that despite being aware about the weaknesses in his division as well as that of the growing problems into the economy, Cumming has presided over a culture of the aggressive amount of growth without the controls being in place in order to manage the amount of risks that are associated with that strategy. Instead of reacting to the worsening amount of the environment, he had raised his targets as the other banks had pulled out of the same markets. If you required urgent cash help, feel free to contact at @ http://www.loansforpeoplewithbadcredithistory.org.uk/
The punishment of Cummings puts him in a select position. He is one of the only banker who is from one of the bailed out banks and who has been fined in relation to the misconduct that had lead to the trouble of financial crisis. Only he as well as the former director of RBS, Johnny Cameron has faced bans. FSA told that the fine levied against Cummings means, all present investigations against the bank have concluded.
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