Commenting on the FSA’s Final Notice with regards to Peter Cummings, the Chairman of the Parliamentary Commission on Banking Standards, Andrew Tyrie MP, said:
“The severity of the sanctions imposed by the FSA shine a light on the scale of misconduct within, and at the top of, yet another major British financial institution.
“The issues raised in the FSA’s Final Notice go to the heart of the Commission’s work on standards in the UK banking industry.
“Poor standards and corporate governance appear to have played a role in HBOS’ failure as with that of other banks.
“The Commission will want to consider the Final Notice carefully and take a decision on what further information may be required –and how to obtain it- to assist with our work. “