You are here: Home - Investing -

HBOS chief ‘either delusional or dishonest’

Written by:
The former chairman of collapsed lender HBOS was berated by MPs and peers yesterday and accused of being "either delusional or dishonest", The Times reports.

Members of the Parliamentary Commission on Banking Standards were angered over a letter sent by Lord Stevenson of Coddenham to the Financial Services Authority (FSA), sent six months before its collapse, stating it was in robust health and “boringly boring”.

The panel said the letter was a travesty of the true position.

Months after the letter, HBOS collapsed and was rescued by Lloyds TSB with with help of a £20bn taxpayer subsidy.

The bank’s former chief executive Sir James Crosby also admitted he sold off two-thirds of his holdings in the lender in the two years before its collapse.

The Independent reports Crosby admitted that lending by bankers at HBOS was “incompetent” after a heated exchange with chairman of the commission, Andrew Tyrie.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Brits to tighten purse strings this Christmas

UK households are estimated to spend £792m less this festive season than in 2011.