Peter Cummings, the man held responsible for taking HBOS to the brink of collapse through aggressive real estate lending, has been handed a £500,000 fine and banned for life from working in the City.
The ruling came after a Financial Services Authority report into HBOS’s activities from January 2006 to December 2008 when he was an executive director of HBOS and chief executive of its corporate division.
The FSA concluded the bank was guilty of “very serious misconduct” and that the corporate division was the “highest risk part” of the bank.
The fine is the most severe imposed by the FSA on a senior executive for management failings.
