Another independent review into Lloyds’ HBOS?

Lloyds has announced that a further independent review has been set up to investigate the former compensatory review scheme led by Professor Griggs regarding the HBOS Reading fraud.

Sir Ross Cranston, former high court judge and current law professor at the London School of Economics, has been appointed to run an independent review of Professor Griggs’ scheme amid claims that the scheme treated customers unfairly and worked in the Bank’s interests. This announcement comes simultaneously to confirmation that the Professor Griggs scheme has now been closed.

The All Party Parliamentary Group for Fair Business Banking previously confirmed that they received numerous complaints from victims as to the scheme and its basis. The FCA and John Glen, City minister, have also intervened and have pushed for a review of the compensatory scheme. The Professor Griggs review notably refused to provide the methodology behind, or basis for, its decisions which led to many customers feeling frustrated.

The Bank has confirmed that the independent review will “go above and beyond a customary lessons learned exercise” and is aiming to provide assurance that the review was indeed “fair and reasonable” to all customers. The independent review begins this month and is expected to be finalised in September.

The Bank has confirmed that any recommendations made by Sir Ross Cranston will be acted upon and the final report will be provided to the FCA so that any findings are made public. There appears to be scope, at present, for any redress to be increased if found to be appropriate within Sir Ross Cranston’s report.

How can Ellis Jones help you?

We have acted for many HBOS victims within both the Professor Griggs Review and, currently, within the Dobbs Review. If you believe that you have been affected by HBOS Reading, or indeed any other branch, please do not hesitate to contact the Banking and Finance Litigation department. We have substantial experience in dealing with claims in this area and we have recovered in excess of £55 million from UK Banks for our clients. We may also act on a No Win No Fee basis, subject to eligibility and initial assessment of your claim.

Please contact William Fox Bregman, Partner and Head of Banking and Finance Litigation on 01202 057740 or send an email enquiry to discuss your claim.