30/01/20

The Cranston Review – what it means for you if you were affected by the HBOS Reading scandal.

A further review of the Lloyds Bank Reading Fraud compensation scheme has been undertaken by Sir Ross Cranston, a former High Court Judge, who has found that the original compensation scheme conducted by Russel Griggs had some serious shortcomings as it was neither fair nor reasonable.

 

The independent report concluded that Lloyds Bank had not given fair redress payments to customers whose businesses were destroyed by the actions of rogue HBOS employees at the HBOS Impaired Assets Office in Reading and Quayside Corporate Services known as the “HBOS Reading scandal”.

What happens now

Antonio Horta-Osorio, the Lloyds Banking Group chief executive, has pledged to implement Sir Ross Cranston’s recommendation to review customer claims. Lloyds Banking Group are therefore offering all customers the option of an independent re-review of their cases to assess any direct or consequential losses due to the fraud.

The Cranston Review has given the opportunity for those that were previously excluded from the internal investigations to now have their cases reviewed. It also allows for those that had reached settlement to review their cases.

In addition to the Cranston Review another independent review is currently being undertaken assessing what senior bosses knew about the fraud by Dame Linda Dobbs which is due to be published next year. This could provide for further embarrassment for Lloyds Banking Group.

The Lloyds Banking Group is now seeking guidance from customers and stakeholders to agree actions going forward.

Although the Cranston Review only related to the Lloyds Bank Reading Fraud compensation review, it does perhaps beg the question of how robust were other Bank’s compensation review schemes.

How we can help

Kitsons are experienced in progressing complaints and claims against UK Banks and have particular experience in dealing with claims relating to the HBOS Reading scandal. Should you have a claim that you would like to discuss please email David Turner on david.turner@kitsons-solicitors.co.uk or Lauren Baber on lauren.baber@kitsons-solicitors.co.uk

Kitsons Solicitors - Lauren Baber

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30/01/20

About the author

Kitsons Solicitors - Lauren Baber

Lauren BaberSolicitor

Lauren is a Solicitor in the Dispute Resolution/ Litigation team

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