The Board of the Financial Services Authority (FSA) commissioned a report into the failure of HBOS. It was not appropriate to launch a wider review until the conclusion of enforcement proceedings. Those proceedings concluded in September 2012 and the FSA commenced its review of HBOS at that time. As preparation of the report has spanned the change in the structure of financial services regulation in the UK on 1 April 2013, the report will be jointly published by the FCA and PRA.
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