The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have completed protracted joint investigations which began in 2016 in response to a report by Andrew Green QC in November 2015.

Mr Green’s report examined the reasonableness of the scope of the FCA and PRA’s predecessor organisation’s, the FSA’s, enforcement investigations in relation to the failure of HBOS.

Evidence was gathered in order to assess whether or not each individual may lack fitness and propriety to hold certain senior roles within the financial services industry in the future.

The FCA and PRA said that during these investigations they “gathered more than 2 million documents, interviewed former HBOS senior managers, engaged extensively with the parties, and undertook substantial analysis of contemporaneous documentary evidence considering those senior managers’ roles and responsibilities at HBOS,” and as a result they “have each determined that no enforcement action should be taken against these former HBOS senior managers. These investigations have therefore been closed.”

The outcome of the “rigorous and forensic investigations” has been criticised on social media.

After the bank’s collapse, Mr Crosby, who served as chief executive of HBOS from 2001 to 2006, asked for the removal of his knighthood and also said he would forgo 30 per cent of his £500,000 per annum pension.

Mr Hornby continued his career and is currently chief executive of The Restaurant Group, owner of chains such as Frankie & Benny’s and Wagamama.