Review of the reports into the failure of HBOS Contents

Contents

Terms of Reference

1 Introduction

Why HBOS failed

2 Setting up the HBOS review

Role of the independent reviewers

Impact of the independent reviewers

Delays to publication

Maxwellisation

3 Monitoring the regulators

Regulatory failings

Regulatory leadership

4 The FSA’s approach to supervision

Process over substance

Regulatory reform

5 Enforcement - The way ahead

The FSA’s enforcement powers

Andrew Green’s assessment of the FSA’s HBOS investigations

Should enforcement and supervision be separated?

6 The auditing of HBOS

The auditing of HBOS

The role of the FRC

Conclusions and recommendations

Appendix: PRA/FCA report - Summary of main findings

Appendix: Green report - Summary of main findings

Appendix: PRA/FCA report - Summary of recommendations

Appendix: Green report - Summary of recommendations

Appendix: Independent reviewers - Summary of recommendations

Appendix: Timeline of original HBOS enforcement case

Formal Minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament





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22 July 2016