Thursday, 13 December, 2018

Lloyds sets aside £100m for HBOS loan scam

Lloyds TSB Merges With HBOS Lloyds chief executive Antonio Horta Osorio expressed his"deep regret over the fraud
Orlando Vargas | 08 April, 2017, 01:16

Lloyds said in a statement today that it is working to provide "fair, swift and appropriate" compensation to any HBOS customers that were victims of the fraud at the Reading, England-based unit.

"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 after the initial discovery of the misconduct", the regulator said in a statement.

"We are absolutely determined that victims of the crimes committed at HBOS Reading are fairly, swiftly and appropriately compensated", Lloyds chief executive Antonio Horta-Osorio said.

Lloyds will also appoint a "senior independent lawyer" to consider whether the issue in the case were investigated and appropriately reported to authorities at the time.

The bank, which had already incurred £250 million of losses related to the misconduct of employees in the impaired assets team at HBOS' Reading unit, said the latest provision is to cover compensation for "economic losses, distress and inconvenience".

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Lloyds said Griggs' role "will be to agree the scope, methodology and individual case outcomes of the review in order to ensure fair outcomes and that the review is undertaken effectively".

The fraud involved two former bankers at HBOS, once Britain's biggest mortgage lender, which was rescued in a state-engineered takeover by Lloyds in 2008.

The fraud, which saw six people jailed earlier this year for nearly 48 years following a six-year Thames Valley Police investigation, has already cost Lloyds around £250 million and left small business owners struggling. The Turners, who took a business loan of £160,000 from HBOS in 2003, say HBOS has tried to repossess their home 22 times.

In return Scourfield told customers to use Mills' firm, Quayside Corporate Services, which made inappropriate loans to struggling businesses and charged companies high consultancy fees for the service.

Sentencing Scourfield, judge Martin Beddoe described him as a "thoroughly corrupt and devious man" who "sold his soul for sex, luxury trips, bling and swag".

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