Business Secretary Vince Cable has requested evidence which could lead to a City ban for the three former HBOS bosses whose "toxic misjudgments" were blamed for the bank's 2008 collapse, BBC News has reported.
It claims Mr Cable was "outraged" at Friday's damning Parliamentary report and has begun "formal proceedings" which could see Andy Hornby, Lord Stevenson and Sir James Crosby disqualified as company directors.
The collapse of HBOS cost the taxpayer £20 billion.
A former boss of state-owned bank HBOS has said he will hand back his knighthood and almost a third of his pension after damning criticism.
A parliamentary report published today catalogues the foolish ambition which led to the collapse of the Bank of Scotland and Halifax.