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HBOS trio could face City bans

Three former HBOS directors blamed for the banking group's collapse in a damning report may be banned for life as company directors. Business Secretary Vince Cable has ordered a probe to see if enough evidence can disqualify the trio.

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HBOS trio 'should apologise for reckless strategy'

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.

Former HBOS chief executive Sir James Crosby. Credit: Anna Gowthorpe/PA Archive/Press Association Images

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".

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