HBOSHalifax Bank of Scotland (HBOS) is to kick-start a lengthy review of its legal advisers this month that is likely to end with the creation of the banking giant’s first formal panel next year.

HBOS has scheduled a meeting for 27 February, which is expected to formalise review terms of the bank’s list of 200 legal advisers, the product of the bank’s creation last year following the £28bn merger of Bank of Scotland and Halifax.