Underlying this report is an implicit challenge to the successor regulator to the defunct Financial Services Authority, which has yet to publish its own report into HBOS: produce a robust report like this one, rather than the bland one produced by the FSA on the Royal Bank.

BBC: Carrying on banking

They subsequently tried to argue that there was an implicit gift to them of a 1% interest, that they provided services and later on that a contribution that Mrs.

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