City regulators clears HBOS ex-bosses of misconduct over bank’s near-collapse

Watchdogs say six-year investigation had determined no grounds for action against unnamed individuals

City regulators have cleared former bosses of HBOS of misconduct in the lead-up to its near-collapse in 2008, despite previously having blamed the bank's board for its failure.

The Bank of England and Financial Conduct Authority (FCA) said on Friday that they had concluded rigorous and forensic investigations" into unnamed former managers, after gathering more than 2m documents, interviewing former bank managers, and undertaking substantial analysis" of the bosses' roles and responsibilities at what was then the country's biggest mortgage lender and savings institution.