HBOS collapse: 'Failure has to have consequences'

The Banking Standards Commission has asked financial regulators to consider whether three top HBOS bankers should be barred from future roles in the financial sector.

It said former bosses Sir James Crosby and Andy Hornby were largely to blame for the collapse of the bank in 2008 while former chairman Lord Stevenson was also heavily criticised.

Financial journalist Ray Perman, who has written a book detailing the downfall of HBOS, says he believes a failure in the banking system "has to have its consequences".