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Britain to probe why HBOS bank failed

Friday, July 11 15:13:23

A review into why HBOS bank failed is to go ahead now that enforcement proceedings linked to the failure have been concluded, Britain's financial regulators said today.

HBOS, Britain's biggest mortgage lender, had to be rescued at the height of the financial crisis in 2008 with a government-engineered takeover by rival Lloyds, which subsequently needed a 20 billion pound bailout to survive.

The Financial Conduct Authority and the Bank of England said extensive work has already been done on the review which will summarise why HBOS failed and make any recommendations.

"The aim is to publish the final report by the end of this year," the two regulators said in a statement. (Reuters)

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