Business Secretary Vince Cable wants the three former HBOS plc directors who were responsible for the bank's failure to be stripped of their current board roles and banned them from running a financial company in the future.
Mr. Cable asked the Insolvency Service to study how former HBOS chairman Lord Stevenson, and former chief executives Sir James Crosby and Andy Hornby could be punished under the Company Directors Disqualification Act. The Business Secretary was surprised that the three former HBOS officials are still active in company life.
The Parliamentary Commission on Banking Standards accused the three of presiding over a 'colossal failure' for their roles in the collapse of HBOS in 2008. The commission recommended that they should not be allowed to run a financial company.
The positions of the former HBOS directors again caught public attention as Paul Moore, the whistle blower that led to the HBOS collapse, said that HBOS's losses have still been underestimated by "billions".
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