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Lloyds to offer special payments of £35,000 to 191 HBOS fraud victims

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Lloyds to offer special payments of £35,000 to 191 HBOS fraud victims

Lloyds Banking Group PLC will make a special payment of £35,000 to 191 individuals impacted by the fraud at HBOS PLC's Reading branch, as the British lender looks to build bridges with victims following criticism of its compensation scheme, the Financial Times reported.

Earlier in December, Lloyds promised it will reassess claims for customers affected in the £1 billion fraud at the branch after a review ordered by regulators found "serious shortcomings" in the redress process.

The extra payments will cost the bank roughly £7 million in addition to the £102 million it paid under the previous scheme, which was overseen by independent reviewer Russel Griggs. Lloyds also promised to offer the 191 participants in the Griggs scheme another review of their cases in a new independent process and will consider extending compensation to a wider group, according to the FT.

The bank's head of small business banking, Jo Harris, also emailed the victims of the HBOS fraud easing concerns expressed to CEO António Horta-Osório about the additional delay resulting from the new review.