THE MAN who was the head of Bank of Scotland's heavily criticised corporate division has received a punitive fine by the Financial Services Authority, it was reported yesterday.
The FSA would not confirm or deny a report Peter Cummings, the former head of the Bank of Scotland's corporate division, had received a seven-figure fine and a "warning notice".
It is thought Mr Cummings disputes the FSA decision and it is likely to go to the Regulatory Decisions Committee, an independent body that acts as a tribunal and has the power to overturn FSA decisions.
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