Paul Moore (banking manager)
Paul Moore | |
|---|---|
| Born | October 30, 1958 Bristol, England |
| Died | September 28, 2020 (aged 61) |
| Occupation(s) | Banker, whistleblower, lawyer |
| Known for | Whistleblowing at HBOS |
Paul Russell Moore (30 October 1958 – 28 September 2020) gained recognition as the HBOS whistleblower following his termination from Halifax Bank of Scotland (HBOS) in 2004. Serving as the bank’s Head of Group Regulatory Risk, Moore was dismissed by HBOS Group CEO James Crosby after alerting the Board to the dangers posed by HBOS’s high-risk sales practices.
In 2009, Moore’s testimony regarding HBOS was presented before the UK House of Commons Treasury Select Committee, which contributed to Crosby stepping down from his role as Deputy Chairman of the Financial Services Authority (now the Financial Conduct Authority). Crosby, who had been an advisor to then Prime Minister Gordon Brown, subsequently surrendered his knighthood and a portion of his pension following a Parliamentary report that criticized the leadership of Crosby, HBOS Chairman Lord Dennis Stevenson, and CEO Andy Hornby. Since his dismissal, Moore has faced ostracism within the financial industry and struggled to obtain further employment. He remained active in promoting financial reform and accountability related to the 2008 financial crisis.
Early life
Born in Bristol, England on 30 October 1958, Paul Russell Moore received his education at Ampleforth College before studying law at Bristol University.
Early career
After qualifying as a barrister, Moore began working as an in-house lawyer for Allied Dunbar’s product development team in 1984. He subsequently held legal positions at Kleinworth Benson and the start-up Ellastone before joining Acuma, a subsidiary of American Express, as General Counsel and Head of Compliance in 1990. In 1995, he moved to accountancy firm KPMG, where he became a highly successful Partner.
HBOS
Moore joined HBOS in July 2002 as Head of Risk for the Insurance and Investment Division and was promoted to Head of Group Regulatory Risk by late 2003. His responsibilities included overseeing adherence to FSA regulations across policies and senior management. In 2004, Moore identified instances of mis-selling and unethical sales practices linked to HBOS’s aggressive sales culture. After raising these concerns, he was dismissed on 8 November 2004.
KPMG investigated Moore’s allegations at that time and concluded that HBOS maintained sufficient risk controls; this finding was accepted by the FSA. Following his termination, Moore asserted that his dismissal was a consequence of warning about excessive risk-taking that endangered profits but could have prevented future losses. His position was filled by a retail sales manager.
Moore pursued legal action against HBOS for unfair dismissal, contending that his firing was retaliatory due to his risk warnings. The bank reached a settlement exceeding half a million pounds in mid-2005.
By 2008, HBOS required a merger along with a multibillion-pound rescue package from the Treasury.
Although bound by a non-disclosure agreement as part of his settlement, Moore chose to speak publicly after the crisis in the interest of transparency. On 10 February 2009, he provided evidence to the UK’s Treasury Select Committee, which was examining banking risks prior to the crisis.
After HBOS
Following his departure from HBOS, Moore founded risk consultancy Moore Carter and Associates and served as non-executive Chairman of Assetz Capital, a UK peer-to-peer lending platform targeting SMEs and property developers. He lived in North Yorkshire with his wife and three children.
In November 2015, he co-authored Crash, Bank, Wallop, chronicling his whistleblowing experience at HBOS. Additionally, Moore established The New Wilberforce Movement, an initiative dedicated to fighting corporate greed.
Death
Paul Moore passed away from colitis on September 28, 2020, at the age of 61.