Lloyds Banking Group has been urged to launch the whole model of a long-awaited assessment into whether or not it hid a £1 billion fraud tied to the Studying department of HBOS.
Dame Meg Hillier, Chairwoman of the Treasury Committee, has known as on Lloyds to publish a “full copy” of the Dame Linda Dobbs assessment—an impartial investigation exploring the financial institution’s conduct across the HBOS Studying fraud—as soon as it’s finalised. The transfer follows widespread fears that Lloyds may launch solely excerpts or “findings” relatively than the unedited report.
The fraud, uncovered in 2007, concerned rogue bankers and consultants who manipulated dangerous credit score preparations at HBOS, which Lloyds rescued in 2009. Dozens of small and medium-sized enterprises have been devastated by the scheme, leading to six prison convictions in 2017. Lloyds has since paid out over £1.3 billion in compensation and different fees linked to the scandal, however critics declare the financial institution initially sought to bury the extent of the affair and didn’t absolutely cooperate with police.
Launched in 2017 and funded by Lloyds, the Dobbs assessment was initially anticipated to conclude in a matter of months. Nevertheless, the ultimate report stays unfinished. Lloyds has constantly vowed to launch the assessment’s “findings” however has not unequivocally dedicated to publishing it in its entirety. Dobbs, a retired Excessive Courtroom decide, has mentioned she intends to draft the doc in a method that permits full publication.
Hillier’s intervention was prompted by a letter from Andy Agathangelou, founding father of client group Transparency Process Pressure, which campaigns for openness inside monetary providers. Agathangelou pressed the Treasury Committee to make sure the unredacted report is launched and to scrutinise the causes of its extended delay.
In her reply, Hillier emphasised that concluding and publishing the assessment was “essential” however pressured that additional committee scrutiny may extend the method. She nonetheless made it clear that the Treasury Committee’s expectation is that Lloyds launch the whole report.
A spokesman for Lloyds responded: “We stand by our commitments to the committee and look forward to co-operating with them,” declining to make clear whether or not the complete doc can be positioned within the public area. Agathangelou welcomed Hillier’s assertion, calling it a “clear and unambiguous” sign to Lloyds that solely a “full and unredacted copy” would fulfill the issues of these affected.
