Sept. 12 (Bloomberg) -- Former HBOS Plc executive Peter Cummings will be fined 500,000 pounds ($805,000) by the U.K.’s Financial Services Authority following an investigation by the regulator, Sky News reported.
HBOS posted a 7.5 billion-pound loss for 2008, as loans to fund properties and takeovers soured at the corporate banking unit led by Cummings, 57.
Cummings’s fine will be disclosed tomorrow, Sky said, without saying where it got the information.
The FSA declined to comment. Cummings didn’t immediately respond to a request for comment left at Home from Home (Scotland) Ltd., a charity where he is treasurer.
-- With assistance from Lindsay Fortado in London. Editors: Jon Menon, Steve Bailey
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