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It was the bankers fault

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    It was the bankers fault

    FCA reporting the full gory details of HBoS collapse here:

    FCA and PRA review into the failure of HBOS Group - Financial Conduct Authority

    #2
    Greedy bankers being patted on the back by FSA for their awe inspiring hubris and risk taking. They were the gamblers and the casino, so they couldn't lose.

    Of course they all got their comeuppance in the end.......£100m bonuses and free use of company super yacht for life.

    Comment


      #3
      The report says that when the then regulator, the FSA, investigated HBOS, it relied too much on the bank's senior management.

      It said the FSA's supervisory framework:

      •Had inadequate resources devoted to big banks

      •Was too trusting of senior management

      •Had a risk assessment process that was too reactive

      Overall it said the FSA's approach was "deficient".

      HBOS report: 10 executives could face ban - BBC News

      So basically FCA want more money?

      Comment


        #4
        They should jail them, not ban them. They have cost the taxpayers billions just to prop up their bonuses

        Comment


          #5
          Originally posted by BigRed View Post
          They should jail them, not ban them. They have cost the taxpayers billions just to prop up their bonuses
          +1000000000000

          Very long jail sentence and confiscation order for all property is in order surely.

          Comment


            #6
            it relied too much on the bank's senior management.
            So they listened to all the senior feckwits who never really know, exactly, what is going on anyway.



            The Chunt of Chunts.

            Comment


              #7
              Originally posted by BigRed View Post
              They should jail them, not ban them. They have cost the taxpayers billions just to prop up their bonuses
              Originally posted by AtW View Post
              +1000000000000

              Very long jail sentence and confiscation order for all property is in order surely.


              Jail & fine.


              They live for money, take it from them
              …Maybe we ain’t that young anymore

              Comment


                #8
                They are no different to highly organised criminal gangs robbing people of their life savings. They should be treated as such.

                Comment


                  #9
                  Originally posted by DimPrawn View Post
                  They are no different to highly organised criminal gangs robbing people of their life savings. They should be treated as such.
                  They are.

                  Getting a slap on a wrist...

                  Comment


                    #10
                    Originally posted by BrilloPad View Post
                    The report says that when the then regulator, the FSA, investigated HBOS, it relied too much on the bank's senior management.

                    It said the FSA's supervisory framework:

                    •Had inadequate resources devoted to big banks

                    •Was too trusting of senior management

                    •Had a risk assessment process that was too reactive

                    Overall it said the FSA's approach was "deficient".

                    HBOS report: 10 executives could face ban - BBC News

                    So basically FCA want more money?

                    I think they've switched to stupidity/carelessness as a defence for their own role in the whole affair. The 'deficiency' in the whole thing was that the incentive structure put in place by governments for banks encourages recklessness, whilst it benefits them. When it stops benefiting them, eg during a 'crisis', then you get all the 'critical self examination', promises to 'get tough' etc, whilst the banks still largely operate in a similar way, with useless band aid fixes put in place to pretend the problem is under control.

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