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Former HBOS CEO Peter Cummings brands £500,000 FSA fine “Orwellian”

Peter Cummings, the former chief executive of HBOS’ corporate division, has been fined £500,000 and handed a lifetime ban from the Financial Services Authority for his role in the bank’s near collapse in 2009, for which profligate property lending was deemed a central cause.
By James Wallace
September 13, 2012 | 2:29 AM

Cummings, MD for HBOS’ corporate division from January 2006 until December 2008, described the judgement as “Orwellian” but will not contest either the fine or ban.

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