That includes Andy Hornby, HBOS's former boss, and its chairman, Lord Stevenson.
The Bank of England and Financial Conduct Authority report blames top executives for the bank's failure.
It is also highly critical of the former regulator, the Financial Services Authority (FSA).
In
a parallel report, Andrew Green QC suggests that the Prudential
Regulation Authority (PRA) and the FCA should consider prohibition
proceedings against former executives.
This decision should be taken "as early as possible next year."
Bans
So far the only person to have been banned is Peter Cummings, who was previously the head of corporate lending at HBOS.
In 2012 he was fined £500,000, and banned from senior positions in banking.
Mr Green said the FSA was "misguided" when it took the decision not to take action against Andy Hornby.
Mr Hornby is currently the chief operating officer at betting firm Gala Coral.
Clive Adamson, former director of supervision at the FSA, has said previously that "the most culpable people were let off".
Other
executives in the frame include Lord Stevenson, who is a non-executive
director at the bookshop Waterstones, and Mike Ellis, the former group
finance director at HBOS and chairman of the Skipton Building Society.
The
main part of the 400 page report - which took three years to compile -
concludes that responsibility for the failure of HBOS "rests with the
board and senior management".
The bank collapsed in 2008, and was subsequently taken over by the Lloyds Banking Group.
More than £20bn of taxpayers money was used to try and prop it up.
The report says that HBOS tried to increase its profits by moving towards "more risky propositions".
Among the reasons it failed were:
•An excessive focus on market
share, and short-term profitability
•An over-exposure to property, at the height of the economic cycle
•A culture which failed to balance risk and return
•A failure by the board to challenge executive managers
The report says that HBOS's non-executive directors "lacked sufficient experience and knowledge of banking".
As a result, risk was not a priority for the board.
This was compounded, it said, by a lack of banking experience among top executives.
Both James Crosby - chief executive from 2001 to 2006 - and Andy Hornby "had limited banking experience".
'Deficient approach'
The report says that when the then regulator, the FSA, investigated HBOS, it relied too much on the bank's senior management.
It said the FSA's supervisory framework:
•Had inadequate resources devoted to big banks
•Was too trusting of senior management
•Had a risk assessment process that was too reactive
Overall it said the FSA's approach was "deficient".
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