The board of the Financial Services Authority commissioned a report into the failure of HBOS and said it was not appropriate to launch a wider review until the conclusion of enforcement proceedings, which concluded in September 2012. The FSA therefore commenced the HBOS review at that time.
The report will be jointly published by the FCA and PRA due to the restructuring of the FSA which took place in April 2013.
The FCA said ‘extensive work’ has already been carried out using draft terms however now that maxwellisation is set to begin the final terms have been agreed and published after being discussed in detail with the chairman of the treasury select committee.
The FCA said it is aiming publish the final report by the end of this year.
