People walk past a branch of Lloyds Bank on Oxford Street, London. Picture: REUTERS
Halifax Bank of Scotland was involved in one of Britain's biggest ever banking frauds in the early 2000s, which saw some of its bankers enrich themselves at the expense of struggling business clients, some of whom succumbed to insolvency after being advised to borrow unsustainable amounts. Six people including two former HBOS bankers were jailed in 2017 for a combined 47 years for their role in the fraud.
The bank's failures caused delays to investigations by both the FCA and Thames Valley Police, said Mark Steward, the FCA's executive director of enforcement and market oversight.
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