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HBoS report publication date remains unclear

HBoS report publication date remains unclear

The long-awaited report into what caused the failure of HBoS has been delayed further – with indications it will not be published until the autumn.

Earlier this year, under a Freedom of Information Act request, the FCA said the report would not be published before the general election – now more than a month ago.

The report, which was initiated in 2012, is undergoing a process of Maxwellisation – allowing those criticised in the report to see the relevant extracts and respond – but it is unclear when this will be complete.

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However, although the general election was more than a month ago, the prospect of parliament going into recess in less than a month’s time means the report might not be published until autumn at the earliest.

According to the minutes of a FCA board meeting held in April, Sir Brian Pomeroy, a non-executive board member, gave an oral update but a spokesman for the regulator would not comment on its content.

The spokesman also refused to comment on whether the report would be published this year.

Background

The FSA began the report into the failure of HBoS in September 2012.

The company was rescued in 2008, at the height of the financial crisis, through a government-orchestrated takeover by Lloyds.

Peter Cummings, the head of corporate lending at HBoS, was fined £500,000 and banned from significant influence functions in 2012.