A banker was fined a record £500,000 by the City watchdog today for his part in the collapse of Halifax Bank of Scotland (HBOS).
Former head of corporate banking at HBOS Peter Cummings, who has also been banned from taking a senior role in British banks, was behind many of the bank's high-profile deals before it was bailed out by the taxpayer.
The Financial Services Authority said that despite being aware of the growing problems in the economy, Cummings had presided over a culture of aggressive growth without the controls in place to manage the risks associated with that strategy.
Cummings - a friend of billionaire Topshop owner Sir Philip Green - reportedly left HBOS with a £660,000 pay-off and a £6 million pension pot.
When Lloyds took over HBOS at the height of the banking crisis it was forced to write off more than £20 billion.