Former HBOS executive Peter Cummings is to be hit with both a £500,000 fine and a lifetime ban from the industry.

One of the former executives who led HBOS to the brink of collapse in 2008 is to be hit with a massive fine and a lifetime ban from the industry, I can exclusively reveal. Peter Cummings, the head of corporate lending at HBOS until its rescue by Lloyds TSB, is to be fined £500,000 by the Financial Services Authority (FSA) following a long-running investigation into his stewardship of the bank's vast balance sheet. I am told that the City regulator plans to disclose the details of its probe tomorrow morning, although it is conceivable that a statement will be made this evening.

Mr Cummings was well-known in the City for leading the aggressive growth of HBOS' corporate lending activities, counting Sir Philip Green, the Top Shop billionaire, and Mike Ashley, the Sports Direct tycoon, among his most important clients. He also presided over HBOS' acquisition of shareholdings in prominent businesses such as McCarthy & Stone, the retirement home-builder, and David Lloyd Leisure, the health and fitness club operator.....Read more here: Exclusive: Ex-HBOS Exec Gets Huge Fine And Ban

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Peter Cummings, the man behind Bank of Scotland’s failed corporate bank, has been handed a “warning notice” and punitive fine by the Financial Services Authority.....City regulator fines former BoS banker - allaboutFORUMS