Banking and Finance: Lloyds to widen compensation review for HBOS fraud victims

19 Oct 2020 10:57 AM | Jo Buckley (Administrator)

Lloyds Banking Group has agreed to widen a compensation review for victims of the HBOS Reading fraud after pressure from customers and MPs. Business owners who were customers of HBOS are continuing their battle for compensation for the fraud which resulted in six people being jailed, including managers Lynden Scourfield and Mark Dobson. A panel chaired by Sir David Foskett, a former High Court judge, was formed after an independent review concluded that aspects of the bank’s original compensation scheme for the fraud in which bankers deliberately wrecked customers’ businesses were “neither fair nor reasonable” . […] Sir David confirmed that after discussions with MPs, campaigners and the panel itself, Lloyds had agreed that the panel “will no longer have to focus solely on the influence or involvement” of QCS or its associates when considering whether a customer was a victim. […] David McIlroy, a barrister representing some of the victims of the fraud, welcomed the change but criticised the bank for dragging its feet on the issue.!

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