Lloyds bank pays HBOS fraud victims £35,000 in living expenses

Bank issues one-off payments as goodwill gesture to cover day-to-day costs as Lloyds admits formal compensation process is taking longer than expected

Lloyds Banking Group has issued one-off payments of £35,000 each to victims of the fraud in its HBOS Reading branch after missing Friday’s deadline to make formal compensation offers.

The number of victims has risen to 67 small business customers from 64 as more have stepped forward since January when six financiers were jailed for their roles in the fraud, which took place before Lloyds rescued HBOS in 2008 at the height of the financial crisis.

Continue reading…

Read full original article »