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FCA reopens HBOS probe


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FCA reopens HBOS probe

The U.K. Financial Conduct Authority resumed its probe into misconduct at HBOS Plc's impaired assets unit.

The FCA said that the probe focuses "on the extent and nature of the knowledge of these matters within HBOS and its communications" with regulators "after the initial discovery of the misconduct."

Steve Baker, a member of the Treasury select committee, recently called for an investigation by the FCA, reportedly saying former HBOS executives could be prosecuted for allegedly concealing a £1 billion fraud at the bank's Reading, England, unit.

Lloyds Banking Group Plc said it will set aside about £100 million in the first quarter to compensate victims of the fraud scheme, The Guardian and Bloomberg News reported April 7.

The FCA investigation was put on hold in 2013 at the request of Thames Valley Police pending the outcome of their investigation, which resulted in six people going to prison.