Quotes from the news wire:
Overdue doesn't capture it. It is eight years since the collapse of HBOS in 2008. It has taken a heap of pressure from parliament to secure appropriate action from the regulators, the lion's share of the investigatory work should already have been undertaken in the preparation of the regulators' report in to the failure of the bank.
Getting it right - securing better protection for consumers and markets while at the same time ensuring they don't make life unduly burdensome for business, from which everyone would ultimately be the loser - is a big undertaking. The Committee will want assurance from the FCA that it is up to the job.
In the course of the investigation (into HBOS) by the regulators the FRC was invited, but turned down, the opportunity to launch an investigation into HBOS's auditor, that was a serious mistake. It is now essential, in the interests of public confidence, that the FRC get on with this investigation, and without delay.
The (Treasury) Committee is concerned about allegations involving HSBC and its Swiss private bank, banks have repeatedly told the Committee that, since the crisis, they have put in place reforms to ensure that they operate on the basis of sharply improved standards. The Committee will need reassurance that they have done so in private banking.
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