The United Kingdom doesn’t have a strong track record for bringing executives to book. Very often, boardroom culprits have usually fallen on their swords, taken their pensions, and sometimes even moved to greener pastures long before any regulator comes knocking.
The latest nonenforcement notice occurred Aug. 26, when the U.K.’s main financial regulators—the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)—ended their six-year investigations into former senior managers at HBOS and announced they would take no further action against the individuals for their role in the bank’s financial failure in 2008.
