Should former HBOS bosses be banned?

A new report has called for the men in charge of HBOS at the time of its collapse to be banned from working in financial services in future.

The Banking Standards Commission has called for the heads of HBOS to be banned from future roles in the financial sector.

The Commission has published a report (entitled An Accident Waiting to Happen) on the mistakes that led to HBOS being pushed into a merger with Lloyds, as well as the public money that has been pumped in to keep the bank afloat.

And the report is damning on the role of three men at the top of the organisation: Lord Stevenson, Sir James Crosby and Andy Hornby.

It states: “The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death.

“Lord Stevenson, in particular, has shown himself incapable of facing the realities of what placed the bank in jeopardy from that time until now.”

Since the publication of the report, Crosby has resigned from his role as an adviser to private equity firm Bridgepoint.

What do you think? Is this an appropriate punishment? Vote in our poll below and let us know your thoughts in the Comments section.

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