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Lloyds to pay £100m fraud compensation
Lloyds to pay £100m fraud compensation
This is a duplicate of the Blog Entry made on: 27th April 2017 08:10
This is a duplicate of the Blog Entry made on: 27th April 2017 08:10
LLoyds has announced that it is setting aside a further £100m, to compensate customers who lost money in a fraud scandal.
Six people, two of whom had worked for Halifax Bank of Scotland (HBOS) - owned by Lloyds - were jailed in February. The court heard they stole hundreds of millions of pounds from small businesses who were their clients. At the same time, the Financial Conduct Authority (FCA) announced that it is re-opening an enquiry into the fraud. Lloyds has already set aside at least £250m to cover other costs arising from the case, which was centred on the HBOS office in Reading. "As I have stated before, we would like to express our deep regret and apologies to any customers directly affected by the criminal behaviour of these individuals," said António Horta-Osório, the chief executive of Lloyds Banking Group. "We are absolutely determined that victims of the crimes committed at HBOS Reading are fairly, swiftly and appropriately compensated. We take responsibility for putting right the wrongs that were committed at HBOS Reading at the time."
FCA investigation
Some of the small businesses that lost money from the fraud collapsed as a result. The bank said it would provide such victims with immediate payments on a case-by-case basis. Those in financial difficulty will be helped with day-to-day living costs. They will also be helped with legal fees, and have their existing debts written off.....Read more here
Six people, two of whom had worked for Halifax Bank of Scotland (HBOS) - owned by Lloyds - were jailed in February. The court heard they stole hundreds of millions of pounds from small businesses who were their clients. At the same time, the Financial Conduct Authority (FCA) announced that it is re-opening an enquiry into the fraud. Lloyds has already set aside at least £250m to cover other costs arising from the case, which was centred on the HBOS office in Reading. "As I have stated before, we would like to express our deep regret and apologies to any customers directly affected by the criminal behaviour of these individuals," said António Horta-Osório, the chief executive of Lloyds Banking Group. "We are absolutely determined that victims of the crimes committed at HBOS Reading are fairly, swiftly and appropriately compensated. We take responsibility for putting right the wrongs that were committed at HBOS Reading at the time."
FCA investigation
Some of the small businesses that lost money from the fraud collapsed as a result. The bank said it would provide such victims with immediate payments on a case-by-case basis. Those in financial difficulty will be helped with day-to-day living costs. They will also be helped with legal fees, and have their existing debts written off.....Read more here