FSA fines former HBOS boss record amount

A banker has been banned from any senior banking position in the UK and fined a record £500,000 by the The Financial Services Authority (FSA) for his part in the collapse of Halifax Bank of Scotland.

Peter Cummings, was the head of corporate banking at HBOS, and was behind many of the bank's high-profile deals, before it had to be bailed out by the taxpayer.

A general view of the Halifax Bank of Scotland (HBOS) headquarters in Edinburgh Credit: Danny Lawson/PA Wire

The FSA said Cummings had failed to exercise enough care and attention in his corporate division while it pursued an aggressive expansion strategy.

But Mr Cummings, who is the only man to be sanctioned by the FSA over the HBOS collapse, branded the three-year FSA probe as "an Orwellian process by an organisation that acts as lawmaker, judge, jury, appeal court and executioner".