FSA fine for Cummings signals greater focus on individual culpability


The UK Financial Services Authority's (FSA) decision to impose a record £500,000 fine and life ban on Peter Cummings, the former head of HBOS's corporate banking division, highlights its increased focus on individuals.

In a statement yesterday, the FSA said Cummings had failed to "exercise due skill, care and diligence in managing HBOS's corporate division" – he failed to monitor high value transactions showing signs of stress, and pursued an unwisely aggressive expansion strategy.


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