The Financial Conduct Authority is to resume its investigations into the Reading-based branch of Halifax Bank of Scotland after a police probe resulted in six people being jailed for a total of 47 years for fraud and money laundering offences.

The FCA says it will restart its investigations into “events surrounding the discovery of misconduct within the Reading-based Impaired Assets team of Halifax Bank of Scotland (HBOS).”

The probe was put on hold in early 2013 at the request of Thames Valley Police pending the outcome of the Thames Valley police investigation and any resulting prosecutions.

The FCA’s investigation is focusing on the extent and nature of the knowledge of these matters within HBOS and its communications with the Financial Services Authority (the FCA’s predecessor) after the initial discovery of the misconduct.

The FCA has made a statement on the probe in the public interest, it says.

Following Operation Hornet run by Thames Valley Police six people were jailed for a total of 47 years and nine months following a six year Thames Valley Police investigation into a complex multi-million pound corruption and fraud case involving HBOS bank employees and private business advisers dating back more than a decade.

Five people, four men and a woman, were found guilty at Southwark Crown Court of corruption, fraudulent trading and money-laundering offences. The fraud resulted in the offenders profiting from hundreds of millions of pounds at the expense of businesses and a high street bank and its customers, says the FCA.