Lloyds Banking Group has paid compensation to only five of the 67 victims of the HBOS Reading fraud scandal almost a month after its own deadline for making redress offers for the “utterly corrupt scheme” that left small business owners “cheated, defeated and penniless”. Lloyds, which owns HBOS, had pledged to agree compensation deals worth £100m before the end of June. Adrian White, Lloyds’ chief operating officer for commercial banking, said: “We are continuing to make progress in getting offers to victims of the HBOS Reading fraud. The Turners have said they will not negotiate compensation with Lloyds and will take the company to court. Lloyds has issued one-off payments of £35,000 each to victims to cover their costs as they wait for compensation.

Source: The Guardian July 21, 2017 06:56 UTC