Paul Moore (banking manager)
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Paul Russell Moore (born October 1958) is a former senior manager at the UK bank HBOS, who came to public attention as a whistleblower in the banking crisis of late 2008 as a result of having been dismissed from his position as head of the bank's financial risk management in 2004 after warning his employers that they were taking excessive risks.
Moore trained as a barrister. He subsequently worked in UK financial regulation and between 1995 and 2002 he was a partner in KPMG's Financial Sector Practice in London specialising in regulatory services where he advised a number of FTSE100 clients on regulatory matters.
Moore is a former manager at the UK bank HBOS, who came to public attention as a whistleblower in the banking crisis of late 2008 as a result of having been dismissed from his position as head of the bank's financial risk management in 2004 after warning his employers that they were taking excessive risks. In 2008, HBOS was forced into a merger and then bailed out by a multi-billion-pound infusion of capital from the Treasury.
Moore's complaints were investigated at the time (before the crisis) by accountancy firm KPMG, who concluded that HBOS had appropriate risk controls in place; this was accepted by the Financial Services Authority.
In November 2004 Moore was dismissed by HBOS. He claimed this was because he had told HBOS's board that the bank was taking excessive risks with its aggressive sales culture which was out of balance with its systems and controls. He passed his concerns about HBOS to the FSA, who had it investigated by KPMG, whose conclusion, that HBOS had appropriate risk controls in place, was accepted by the FSA. Following his dismissal the bank replaced him with a retail sales manager.
He sued HBOS for unfair dismissal on the basis that the reason for his dismissal was actually his warnings of excessive risk, which if followed would have reduced the bank's profits while protecting it from what proved to be the all-too-real risk. The bank settled his claim for over half a million pounds in mid-2005.
Although Moore had agreed to the non-disclosure agreement as part of his settlement, he decided to speak out after the crisis because he believed it to be in the public interest and on 10 February 2009 Moore submitted a memorandum of evidence to the UK's Treasury Select Committee, which was investigating risks taken by UK banks prior to the credit crunch.
He has announced his intention to publish a book about the HBOS whistle blowing and subsequent events called "Crash, Bank, Wallop".
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