Embarrassed former HBOS chief Andy Hornby refuses to answer questions about his role in bank’s demise
The former HBOS boss has declined to answer questions about his role in the bank’s demise after an investigation into the scandal ended with no action taken against those involved.
Andy Hornby was in charge of Halifax Bank of Scotland when it fell to its knees in 2008 during the financial crisis.
This led to an emergency takeover by Lloyds and a £20 billion taxpayer bailout.
Saying nothing: Andy Hornby was in charge of Halifax Bank of Scotland when it fell to its knees during the financial crisis in 2008
Officials from the Bank of England and the Financial Conduct Authority (FCA) launched an investigation 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 ramifications for those involved, including former CEO 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 received more than £1.5 million since joining in 2019.
Speaking to the Daily Mail yesterday about TRG’s latest results, Hornby declined to answer questions about his role in the collapse of HBOS.
Repeatedly asked about the FCA’s decision not to take further action against those involved in the HBOS scandal, Hornby said, “I’m here to talk about The Restaurant Group.”
Conservative MP Kevin Hollinrake, who sits on the House of Commons Audit Committee, said: “Many people will be outraged that Mr Hornby’s strategy led to the collapse of HBOS, contributing significantly to the 2008 financial crisis. then enjoy a long and lucrative business career after leaving the bank.
“Mr Hornby must explain why he thinks it is right that he has not been sanctioned or even criticized.
“He should also ask the FCA to publish its full report and conclusions so that victims and the general public can understand why no action was taken against him.”
TRG posted a profit of £10.2 million for the six months to 3 July, compared to a loss of £19.9 million in the same period last year. Turnover nearly doubled to £423.4 million.