Right man for the job

Paul Moore, ex Group Head of Risk at HBOS, may have had a personal axe to grind about his removal from post while Sir James Crosby, latterly deputy chairman of the FSA, was CEO of the bank, and it may be that KPMG found it was not attributable to his being “excessively robust in the discharge of his functions,” but perhaps the more interesting point is that from the end of 2002, the regulator was aware of weaknesses in risk management at HBOS. PricewaterhouseCoopers’ section 166 skilled persons report confirmed the findings. Despite improvements, in December 2004, FSA found that group risk still lacked necessary influence over the business.