Home Business NewsBusiness Lloyds set to pay £100m in fraud compensation

Lloyds set to pay £100m in fraud compensation

7th Apr 17 10:03 am

Criminals stole hundreds of millions of pounds from clients

LLoyds has made the decision to set aside a further £100m to pay back customers who lost their money in a fraud scandal.

In February, six people were jailed.

The court heard that they stole hundreds of millions of pounds from small businesses who were their clients.

During this time the Financial Conduct Authority (FCA) said that it was re-opening an enquiry into the fraud.

Lloyds has already put aside at least £250m to cover other costs which came from the case, it was centred around the Halifax Bank of Scotland (HBOS) offices in Reading, two of the people who were jailed worked for the firm. Lloyds also owns the bank.

The chief executive of Lloyds Banking Group, António Horta-Osório said: “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,”

“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.”

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