Three former HBOS directors blamed for the banking group's collapse in a damning report may be banned for life as company directors. Business Secretary Vince Cable has ordered a probe to see if enough evidence can disqualify the trio.
Andrew Tyrie MP, chair of the Parliamentary Commission on Banking Standards, issued a withering attack on former HBOS executives, and banking regulator the Financial Services Authority (FSA).
In a blistering report cataloguing the "catastrophic failures" of management, Mr Tyrie said the taxpayers are still paying for the mistakes of individual bankers who walked away with huge sums of money, and called on the government to address "bonus culture."
A former boss of state-owned bank HBOS has said he will hand back his knighthood and almost a third of his pension after damning criticism.
A parliamentary report published today catalogues the foolish ambition which led to the collapse of the Bank of Scotland and Halifax.