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BOS guilty of 'serious misconduct'

The Bank of Scotland was guilty of "very serious misconduct" that contributed to the taxpayers bailing out its parent company HBOS, according to the City watchdog the Financial Services Authority.

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In summary: the downfall of HBOS's corporate banking division

  • HBOS's corporate banking division was by Peter Cummings - who reportedly left with a £660,000 pay-off and a £6m pension pot.
  • When Lloyds took over HBOS at the height of the banking crisis, it was forced to write off more than £20bn
  • In the three years from the start of 2006, its transactions increased in size and complexity and left it with concentrated exposures to property and significant large borrowers.

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