– David Cameron
We've changed the entire regulatory system.
We've swept away the failed system that Gordon Brown had put in place.
A new regulatory system is now there and is now working and will make sure that these things can't happen again.
Sir James Crosby
Sir James Crosby was chief executive of HBOS from 2001 to 2006, and former deputy chairman of (banking regulator) the FSA.
He resigned this morning from his position at private equity firm Bridgepoint, and remains as a senior independent director of catering giant Compass.
He also remains chairman of the car credit company Money Barn, a spokeswoman for the company said.
Andy Hornby was chief executive of HBOS until it was rescued by Lloyds (which was then rescued with £20bn bailout from taxpayers) in September 2008. He resigned as chief executive of Alliance Boots in 2011.
Currently chief executive of sports betting company Coral, who said today he has the "complete backing" of the board and is doing a "great job".
Lord Dennis Stevenson
Lord Dennis Stevenson was made a life peer in 1999, and sits on the cross benches of the House of Lords. He was chairman of HBOS until 2008. He has now returned to his venture capital roots, mainly through Loudwater Investment partners.
He has held a number of non-executive director positions, including at the Western Union, and the Economist.
Former HBOS chief executive Sir James Crosby has resigned as an advisor to private equity firm Bridgepoint, following criticism of his role in the collapse of the bank, a Bridgepoint spokesman said.
Sir James was accused of being the "architect of the strategy that set the course for disaster" by the Parliamentary Commission on Banking Standards. A spokesman for the European investment firm said:
Following a discussion with Sir James this morning he has decided to resign from the advisory board.
Andrew Tyrie MP, chair of the Parliamentary Commission on Banking Standards, issued a withering attack on former HBOS executives, and banking regulator the Financial Services Authority (FSA).
In a blistering report cataloguing the "catastrophic failures" of management, Mr Tyrie said the taxpayers are still paying for the mistakes of individual bankers who walked away with huge sums of money, and called on the government to address "bonus culture."
Which? consumer rights group said the latest report into banking standards, which names and shames HBOS executives for their role in the demise of the bank, is another "shocking example" of failure.
Which? executive director Richard Lloyd said the report shows the need for a "big change in culture" to make banks work for their customers.
This is another shocking example of the failures of individual bankers and the Financial Services Authority (FSA), and shows again why we need a big change in banking.
The Financial Conduct Authority must succeed where the FSA did not in raising standards and holding individuals to account. The Parliamentary Commission must now finish the job they have started and bring forward tough proposals for the Government to change the culture of banking and make banks work for their customers not bankers.
Justin Urquhart Stewart, director at Seven Investment Management, has told ITV Daybreak that HBOS "didn't have a very good management structure."
A parliamentary report published today catalogues the errors which led to the collapse of the Bank of Scotland and Halifax.
Andrew Tyrie, chairman of the commission on banking standards, said: "The HBOS story is one of catastrophic failures of management, governance and regulatory oversight."
He added that regulators also have "a lot of explaining to do". "From 2004 up until the latter part of 2007, the FSA was not so much 'the dog that didn't bark' as 'the dog barking up the wrong tree'," he said.
In a damning report, the Parliamentary Commission on Banking Standards, says the primary responsibility for the downfall of HBOS "should rest with former chief executive Sir James Crosby" but also heavily criticised the actions of Lord Stevenson and Andy Hornby.
The commission said in the report:
"The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death."
Lord Stevenson came under heavy fire, having infuriated the commission by claiming reckless lending at HBOS was not his fault because he was "only there part time".It said he had shown himself "incapable of facing the realities of what placed the bank in jeopardy from that time until now".
The commission found the former HBOS bosses also failed to admit their mistakes and should apologise for their "incompetent and reckless board strategy".
Bankers who ran HBOS in the run-up to its dramatic collapse are ultimately to blame for "catastrophic failures of management" and should not be allowed to work in the financial sector again, a damning report has said.
The Parliamentary Commission on Banking Standards launched a devastating attack on the bailed-out lender's former chairman Lord Stevenson and past chief executives Sir James Crosby and Andy Hornby.
Their "toxic" misjudgments led to the bank's downfall and £20.5 billion taxpayer bail-out at the height of the financial crisis and they should never be allowed to work in the financial sector again, according to the influential commission of MPs and peers.
Peter Cummings is the only former HBOS director to have been penalised by the Financial Services Authority (FSA), after being fined £500,000 and banned for life from working in the City last September.
But the commission said it was wrong that he should shoulder the blame alone and called on the new City regulator to consider barring Sir James, Mr Hornby and Lord Stevenson from taking up any role in the financial sector.