Update on the Independent Re-Review Process for victims of the HBOS Fraud
Following on from the publication of the Cranston Report, the Independent Panel has now been put in place to assess the direct and consequential losses suffered by victims of the HBOS Impaired Assets Office based at Reading and Bishopsgate. The recommendations for establishing the Independent Re-Review Panel can be found here.
Independent Re-Review Panel
The Independent Panel will be chaired by Sir David Foskett, a former judge of the High Court Queen’s Bench Division. Sir David will be supported by Philippa Hill as a forensic accountancy expert and Andrew Hildebrand, a dispute resolution expert with SME experience and will operate independently of the Bank. Lloyds have again committed to implementing all of Sir Ross’ original recommendations and the points clarified and published in respect of the Independent Re-Review Panel.
The next steps are for the formal appointment of the panel and then it will be for them to establish and publish its methodology for approaching the Re review process and assessment of customers direct and consequential losses.
“Generous, Fair and Common Sense”
The recommendations of Sir Ross are clear in that the process and re-review must be generous, fair and take a common sense approach and he has suggested the implementation of a two tier decision-making process for individuals taking part in the Re-Review process. Sir Ross has set out that individuals can be assisted by legal representatives and financial experts as appropriate, if considered necessary.
Sir Ross has stated that the final decision will binding on both the Bank and individual in order to draw some finality to the fraud. It is imperative that legal advice is sought before opting in to participate in the Re-Review process to ensure it is the right option depending on the individual facts of a case. Unlike in court litigation, there will be no option to appeal a final decision.
How can Ellis Jones help?
If you believe you have been affected by the HBOS Reading scandal, please do not hesitate to contact the Banking and Financial Litigation Department. We have substantial experience in dealing with claims and complaints against the banks and financial institutions.
Please contact William Fox Bregman or William Dooley in the Banking and Financial Litigation team on 02039784721 or send an email enquiry to firstname.lastname@example.org to discuss how we may be of assistance.