Dear Lloyds, are we any closer to some answers?

Recently, Lloyds have, for the wrong reasons, maintained their position in the media.

Following the convictions of six people in 2017 relating to the HBOS fraud in the Reading branch, a whistle blower report was completed in 2013 but was purportedly only passed to the board of Lloyds in 2017.

The All Party Parliamentary Group (“APPG”) on Fair Business Banking has been demanding a thorough investigation into Lloyds and their knowledge of the ongoing mistreatment of small business customers by the HBOS unit in Reading. There was indeed a debate in Westminster Hall over this very issue last December 2018.

Following this, a number of MPs have sent a letter to the Governor of the Bank of England, Mark Carney, asking “what actions you are taking to make sure the appropriate governance rules have been followed”.

The APPG has also approached the Financial Conduct Authority requesting an investigation be launched into the issues however this is yet to be initiated by the city watchdog.

It seems that we are not closer to receiving concrete answers on Lloyds’ understanding of the HBOS fraud however we remain hopeful that these will be forthcoming following the pressure Lloyds is currently under to provide answers and fast.

How can Ellis Jones help you?

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.