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Bank charges: FSA investigating HBOS role in financial crisis

The Financial Services Authority (FSA) has announced that it is to launch an investigation into banking group HBOS and the role it played in the UK's economic crisis.

Many people have been left struggling with bank charges as a result of the recession, with HBOS being purchased by Lloyds Banking Group following its collapse in 2008.

According to the Independent, an ongoing "enforcement investigation" into HBOS is currently ongoing.

In a letter written by FSA chairman Adair Turner to Treasury Select Committee chairman Andrew Tyrie, it was revealed that HBOS and RBS were by far the biggest collapses in the banking sector following the downturn in the mortgage market.

"There is therefore a public interest in knowing what happened at HBOS as well as at RBS," he said.

"HBOS's role in the pre-crisis credit boom was a key element in the developments which led to the financial crisis and the macro-economic harm which it caused."ADNFCR-2776-ID-800631933-ADNFCR

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