Vince Cable studying if three former HBOS directors can be banned

Former boss of HBOS believed to have pension pot worth £25 million

UK business secretary Vince Cable has asked officials to look at evidence against three former directors of HBOS as the first part of the process required to strip people of access to company directorships. Photograph: David Sleator

UK business secretary Vince Cable has asked officials to look at evidence against three former directors of HBOS as the first part of the process required to strip people of access to company directorships. Photograph: David Sleator

 

UK business secretary Vince Cable is studying whether three former directors of HBOS can be banned from serving as company directors after being blamed for the banking group’s failure.

The lender required a £28 billion rescue and a panel of lawmakers last week said regulators should consider barring former chairman Dennis Stevenson and ex-chief executive officers James Crosby and Andy Hornby from the finance industry.

Mr Cable has asked officials to look at the evidence against the trio as the first part of the process required to strip people of access to company directorships, the Sunday Times said.

“It’s quite a legalistic process,” Mr Cable told the newspaper.

He said he was “surprised” Mr Hornby and Mr Stevenson were “still active” in companies.

The former boss of HBOS, Sir James Crosby, has a pension pot worth £25 million despite his central role in the mortgage giant’s collapse, according to a report.

His annual retirement income from the failed lender is worth around £700,000 a year, according to newspaper reports on Sunday. – Bloomberg/PA