Lloyds Banking Group is to write off tens of millions of pounds of debts associated with the mistreatment of customers at HBOS’s scandal-hit Reading branch. Sky News has learnt that Britain’s biggest high street lender wrote to 191 fraud victims this week to inform them that it was extending the scope of debt write-offs – in line with the recommendation of an independent review published last month. The move is the latest act of contrition from Lloyds aimed at drawing a line under a decade-old scandal that saw dozens of small businesses collapse after they were loaded with debt and then seized by a cabal of corrupt bankers. Two former HBOS executives were among six people jailed in 2017 over the corruption, which added another dark chapter to the litany of misconduct exposed at UK banks after the 2008 financial crisis. A string of inquiries into the affair at the Reading branch of HBOS – which Lloyds rescued in 2008 – have taken place, with Lloyds hit by repeated criticism of their handling of attempts to compensate customers. Advertisement A review published in December by Sir Ross Cranston accused Lloyds of lacking transparency in its compensation evaluation process, and recommended… Read full this story
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