On July 26, the UK Treasury Committee published a review of reports (Report) into the failure of the UK banking group Halifax Bank of Scotland (HBOS). Notably, the Report includes a review of the enforcement functions of the UK Financial Services Authority (which was subsequently divided into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)) at the relevant time of HBOS’ collapse. and the Report concludes that a strong case exists to move those functions to a separate new enforcement body (as previously proposed in 2013 by the Parliamentary Commission on Banking Standards).
Continue Reading UK Treasury Committee Calls for a New UK Enforcement Body