FSA v Peter Cummings

Charles Flint QC and Andy George acted for Peter Cummings the former chief executive of the corporate division of HBOS, while Javan Herberg QC acted for HBOS (third party on the Cummings Notice and recipient of its own Final Notice in March 2012). The FSA issued a final notice against Mr. Cummings imposing a penalty of £500,000 for breach of the FSA Principles for approved persons in his conduct of the corporate lending of HBOS in the period leading up to the financial crisis. Mr. Cummings is the only individual in senior management at any of the banks which failed during the financial crisis against whom the FSA has brought proceedings alleging a failure of due care and skill in breach of the FSA Principles.