The Financial Conduct Authority (FCA) will reopen its investigation into the misconduct of former staff who worked at the Reading-based impaired assets team of HBOS.
This resumes an investigation that was placed on hold in 2013 at the request of Thames Valley Police, pending the outcome of the Thames Valley police investigation and any resulting prosecutions.
The police recently published the outcome of its six-year investigation into the multi-million-pound corruption and fraud case involving HBOS’s former employees and private business advisors.
In January, six people were found guilty of corruption, fraudulent trading and money-laundering offences, and have been jailed for a total of 47 years. These individuals and the sentences they were given were:
The police said the convictions are the result of one of the largest fraud investigation of its kind in the UK.
The FCA’s investigation is focussing on the extent and nature of the knowledge of these matters within HBOS and its communications with the previous Financial Services Authority after the initial discovery of the misconduct.