Bank of England and FCA's report on failure of HBOS suffers further delays

Draft report on collapse of bank later rescued by Lloyds TSB during 2008 credit crunch must be reviewed by those criticised in process called 're-maxwellisation'

The long-awaited report into what went wrong at HBOS before it was rescued by Lloyds TSB during the 2008 banking crisis is facing further delays, it has been revealed as investigators admitted they need the permission of individuals criticised in the report before it can be published.

Andrew Bailey, deputy governor of the Bank of England, revealed on Tuesday that the draft report on events that took place at least seven years ago ran to 500 pages. The investigation has received 1,425 representations from more than 35 individuals and their lawyers over the report, which is being compiled by the Bank of England and the Financial Conduct Authority (FCA).

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