Business secretary Vince Cale is pushing forward on plans to ban three former HBOS directors from acting as company directors.
The BBC reports Cable wants to see if there is sufficient evidence to begin disqualification proceedings against Andy Hornby, Lord Stevenson and Sir James Crosby.
A source told the BBC Cable "feels outraged" by the situation. On Friday, a report from the Banking Standards Commission blamed the three men for the bank's collapse in 2008.
The Business Department confirmed officials have been instructed to see if there is sufficient evidence to start disqualification procedures.
None of the men have been formally punished for their roles in HBOS's failure.
Meanwhile, the Sunday Times reports Crosby is in line for £700,000 year in pension payments from the bank's scheme. He is sitting on a pension pot of £20m, the paper said.
And the Telegraph reports Financial Conduct Authority (FCA) chairman John Griffiths-Jones is the latest person to face calls to quit over HBOS.
The paper said the new watchdog's chairman was facing calls to quit from HBOS whistleblower Paul Moore and former top boss of Kaupthing Singer & Friedlander Tony Shearer.
Griffiths-Jones was chairman of KPMG until last year, which acted as HBOS' auditor and gave it a clean bill of health in the run-up to the crisis, the Telegraph reports.
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