The paper said the watchdog was reviewing the way it approves senior people after it emerged Lord Stevenson, former chairman of HBOS, stepped down from a senior role at an investment firm last month.
The firm, Loudwater Investment Partners, has links with an investment vehicle run by HBOS, the report added.
The report said the Parliamentary Commission on Banking Standards was likely to make recommendations on how regulators should treat senior managers, directors and other finance workers involved in a future collapse or scandal – including the possibility of setting up an independent approval body.
Lord Stevenson, who was questioned by the commission last week, said he did not think his position as a non-executive director at Loudwater Investment Partners meant he was an approved person.
The Sunday Telegraph reports that the FSA register showed Lord Stevenson was listed as a director of the firm from 2007 until November 28 this year – six days before the hearing.
“I have been a non-salaried non-executive director of Loudwater Investment Partners with a small, less than 5%, shareholding. I told my colleagues earlier this year that I wanted to step down as part of a process of clearing the decks to make space for chairing the new worldwide mental health research charity that I founded,” Lord Stevenson told the Sunday Telegraph.
