The publication of the long-delayed report into what went wrong at HBOS could move a step closer this week with the passing of a key deadline.
Individuals mentioned in the report have until Monday to give their consent to what is written about them. The consent deadline is one hurdle that must be passed before the report, being compiled by theBank of England and the City regulator, the Financial Conduct Authority. Andrew Bailey, deputy governor of the Bank, told the Treasury select committee in July that the draft report ran to 500 pages and that 1,425 representations had been received from more than 35 individuals.
Work on the report began in 2012 after the then City regulator, the Financial Services Authority, banned the former HBOS banker Peter Cummings from working in the City. Other individuals who worked at the bank – which was rescued by Lloyds in 2008 and the combined entity then bailed out with £20bn of taxpayer money – have not faced action from the FSA’s successor, the FCA.
Publication of the report could still take some time. It was reported last month that individuals had been told if they did not give their consent, the information would be crossed out and a footnote added to explain why.
Once that process is completed, a board sestablished to scrutinise the report will need to approve the final version. The boards of the FCA and Bank of England will also need to approve its publication.
The report has been subjected to two stages of so-called Maxwellisation – a process whereby investigators have to give individuals a chance to look at their findings.
The Treasury select committee has promised to scrutinise the report.
