Earlier the FSA passed the Paul Moore whistle-blowing buck over to KPMG. And now, KPMG are passing it back.
Statement below just received from the firm:
KPMG can confirm that in 2005 it investigated allegations made by Paul Moore to HBOS and the Financial Services Authority regarding certain aspects of the internal risk function at the bank.
The investigation was completed independently by individuals completely separate from the audit team
The scope and terms of reference were established in consultation with the HBOS audit committee, Paul Moore and the FSA .
This piece of work had a narrow focus on regulatory compliance risk at HBOS – and did not examine the bank’s overall sales or investment strategy or any other aspects of the bank’s operations.
KPMG’s report was provided to the HBOS audit committee and also to the FSA.
Related links:
Sir James Crosby’s full statement – FT Alphaville
HBOS: The Moore Memo – FT Alphaville