23 February 2016
Conflicting explanations around the collapse of HBOS
The failure of HBOS in October 2008 has been attributed to a variety of reasons: some technical; some relating to global economic conditions; some alleging fraud or criminality; some blaming poor governance; and some simply screaming ‘conspiracy’. The publication of the combined PRA and FCA report in December 2015 into the failure may mean we begin to see the root causes emerging from the fog of conflicting explanations.
We have also seen an independent review by Andrew Green QC into the...