Former HBOS Chief Knew His Bank Mis-Sold PPI
Former HBOS Chief Andy Hornby is accused of having knowledge about the bank’s PPI mis-selling activities yet had done nothing to purge the system of the corruption. According to the Halifax Bank of Scotland’s retail division internal report in 2004, Hornby was warned about the PPI mis selling but ignored it years before the scandal broke out.
Hornby is now a senior executive in Gala Coral, a gambling company. He admitted that mis-sold PPI sales kept him awake at night.
May 2004 Meeting
According to former HBOS senior executive Paul Moore in his book “Crash, Bank Wallop”, he asked Hornby, as the bank’s former head of risk fired for publishing reports of a damning toxic culture in HBOS, about what kept him awake at night. The latter confirmed he was kept awake by the sales of payment protection insurance.
Moore said in his book that Hornby clearly knew about the large-scale PPI mis selling during the time.
Moore claimed Hornby informed him customers who repaid their loans early did not get a PPI refund on their premiums.
A senior Conservative MP urged the Financial Conduct Authority to investigate Mr. Hornby and the claims imposed against him.
The FCA and the Prudential Regulation Authority are also set to publish their HBOS investigation in relation to its collapse.
Labour MP Barry Sheerman said he would refer the allegations to the Justice Committee.