UK financial regulators have concluded a six-year investigation into the conduct of certain former senior managers at HBOS plc, deciding to take no further action.
In 2016, under some public pressure, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) began the investigations following Andrew Green QC's 2015 report into the former Financial Services Authority's response to the failure of HBOS.
Following the joint FCA and PRA investigation, the regulators announced on 26 August 2022 that their independent decision-makers (the Regulatory Decisions Committee and the Enforcement Decision Making Committee) had "reviewed the matters under investigation" and "determined that no enforcement action should be taken against these former HBOS senior managers."
Mishcon de Reya's leading Financial Services Investigations team represented one of the senior HBOS managers throughout the investigations. The team was led by Partner Adam Epstein and assisted by a number of solicitors, including lead Managing Associate Elizabeth Hope.
This matter represents another in a line of significant results for the Mishcon de Reya team in regulatory enforcement cases, who have acted for some of the most senior and high profile bankers in the City.