A senior risk officer warned that the bank was moving too fast but he was ignored
A former senior risk officer at HBOS said he warned his bosses that the bank was moving too fast but his concerns were ignored, reported Reuters.
Paul Moore, former head of regulatory risk at HBOS, said his warnings to his bosses were dismissed and ultimately led to him losing his job, said the report.
‘Being an internal risk and compliance manager at the time felt a bit like being a man in a rowing boat trying to slow down an oil tanker," Moore said in written evidence presented to a Treasury Select Committee.
“Surely now is the time for risk to take centre stage.
Eliana Boudet, head of risk and regulation, Ineum consulting
‘I certainly knew that the bank was going too fast, had a cultural indisposition to challenge and was a serious risk to financial stability and consumer protection," the memo said. "I told the board they ought to slow down.’
HBOS was taken over by the Lloyds Banking Group in a government backed rescue after shareholders lost confidence in its ability to survive the credit crisis.