Possible ban for bankers

Vince Cable ordered an investigation to determine whether three former HBOS bosses should be banned for life from being company directors, following a parliamentary commission’s recommendation.

The three named in the inquiry are ex-chairman Lord Dennis Stevenson and former chief executives Sir James Crosby and Andy Hornby.

A parliamentary commission has called for the action after the collapse of HBOS, prompting the Business Secretary to investigate whether those former leaders should be disqualified from serving as company directors.

A lifetime ban would prevent the named individuals from legally serving as company directors, limiting their ability to hold or accept directorships in businesses if the ban is imposed.

Investigations and potential bans raise issues around corporate governance and accountability, and they can influence investor confidence in bank management and oversight — even if the direct financial impact depends on wider market and regulatory developments.

The parliamentary commission recommended that the three former HBOS bosses be considered for lifetime bans as company directors, which led the Business Secretary to launch an official investigation.

No — the article states that an investigation has been ordered to see if they could be banned; it does not say any lifetime ban has yet been imposed.

HBOS is the bank referenced in the article that collapsed, and the inquiry concerns the actions of its former senior leaders around that collapse.