The former boss of HBOS has refused to answer questions about his role in the bank’s demise after an investigation into the scandal ended with no action being taken against anyone involved.
Andy Hornby was in charge of Halifax Bank of Scotland when it was brought to its knees in the financial crisis in 2008.
This led to an emergency takeover by Lloyds and a £20billion taxpayer bailout.
Saying nothing: Andy Hornby was in charge of Halifax Bank of Scotland when it was brought to its knees in the financial crisis in 2008
Officials at the Bank of England and the Financial Conduct Authority (FCA) launched a probe into those responsible for the scandal six years ago.
But the watchdogs faced a furious backlash last month when they announced there would be no consequences for individuals involved – including former chief executive Hornby.
After leaving HBOS in shame, he enjoyed a string of lucrative and high-profile roles. The 55-year-old is now chief executive of The Restaurant Group (TRG), owner of Wagamama and Frankie & Benny’s, where he has been paid more than £1.5m since joining in 2019.
Speaking to the Daily Mail about TRG’s latest results yesterday, Hornby refused to answer questions about his role in HBOS’s collapse.
Repeatedly asked about the FCA’s decision to take no further action against those involved in the HBOS scandal, Hornby said: ‘I am here to talk about The Restaurant Group.’
Conservative MP Kevin Hollinrake, who sits on the Commons treasury committee, said: ‘Many people will be outraged that Mr Hornby’s strategy led to the HBOS collapse, thereby contributing significantly to the ensuing 2008 financial crisis, yet got off not just scot-free but subsequently enjoying a long and lucrative business career after leaving the bank.
‘Mr Hornby should set out why he thinks it is right he was not sanctioned or even criticised.
‘He should also ask the FCA to publish its full report and conclusions so victims and the wider public can understand why no action was taken against him.’
TRG posted a £10.2million profit for the six months to July 3, compared to a £19.9million loss over the same period last year. Sales almost doubled to £423.4million.
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This post first appeared on Dailymail.co.uk
