trending Market Intelligence /marketintelligence/en/news-insights/trending/krkomptoid3cr2ir1sz_gq2 content esgSubNav
In This List

UK tribunal rules in favor of accounting regulator in HBOS case

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade

Blog

Middle East Africa MA by the Numbers: Q3 2021

Blog

Banking Essentials Newsletter: November Edition 2021 - Part 2


UK tribunal rules in favor of accounting regulator in HBOS case

The U.K. information tribunal has dismissed a final appeal from a campaigner to force the Financial Reporting Council to respond to a freedom of information request, the Financial Times reported Oct. 18.

Margot Gibbs filed an appeal urging the accounting regulator to respond to requests for information related to an investigation into the bank HBOS PLC.

In 2017, The FRC cleared KPMG of misconduct over its controversial role as auditor of Lloyds Banking Group PLC unit HBOS, which has been subject to a probe over alleged fraud at its Reading, U.K., branch.

Gibbs has requested more information from the regulator since then, on the grounds of freedom of information act. She asked for copies of emails and notes exchanged between the regulator's conduct committee members regarding its decision in 2013 not to examine KPMG's audit work on HBOS.

The FRC rejected her request twice, after which Gibbs reached out to Information Commissioner's Office, which rejected her case in 2018, the FT said.