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Report: UK Financial Reporting Council to soon publish report on HBOS

U.K.'s Financial Reporting Council plans to publish inspring its full report on KPMG's audit of HBOS Plc before its near-failure in 2008, Reuters reported March 29, citinga Feb. 10 letter from the council that was made public March 29.

In the letter, the council's CEO, Stephen Haddrill, toldAndrew Tyrie, the chair of the U.K. Treasury Select Committee, that the councilwill conduct preliminary enquiries quickly, but it wants to ensure thatfindings are strong as they could be verified by an independent tribunal,according to the report.

"The FRC's decision to publish a report is overdue butwelcome," Tyrie reportedly said. "The committee will persist with itseffort to secure a thorough examination of the role of the auditors."

Lloyds BankingGroup Plc took over HBOS in 2009.