On January 28, 2016, the PRA and FCA announced that they would be conducting an investigation into certain former senior managers of HBOS plc. This is the entity which resulted from merger of the Halifax Building Society and Bank of Scotland, which following financial failings was placed into state ownership in 2008. The decision follows the recommendations made by Andrew Green Q.C. in his final Report into the Financial Services Authority’s enforcement actions following the failure of HBOS, in particular that the regulators should conduct investigations to determine whether any prohibition proceedings should be brought against the relevant individuals.

The PRA press release is available at: http://www.bankofengland.co.uk/publications/Pages/news/2016/025.aspx and the report of Andrew Green Q.C. is available at: http://finreg.shearman.com/final-report-on-the-enforcement-actions-following