trending Market Intelligence /marketintelligence/en/news-insights/trending/DlDBsC6wflSq62oc5iJSww2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Probe into Lloyds' handling of HBOS fraud unlikely to conclude before 2020

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


Probe into Lloyds' handling of HBOS fraud unlikely to conclude before 2020

An independent investigation sponsored by Lloyds Banking Group PLC into whether it properly probed and reported the £245 million fraud at HBOS PLC after acquiring it in January 2009 is likely to continue until 2020, a source told Reuters.

A spokeswoman for Lloyds said the review, being conducted by retired judge Linda Dobbs, will be fully supported by the bank for as long as needed to "complete its important work," according to the March 14 report.

The source told Reuters a team of more than 30 lawyers is going through "hundreds of thousands" of documents to determine when Lloyds' senior executives became aware of the fraud and how they reacted to it. The inquiry is already interviewing victims of the fraud and executive interviews are slated to begin in the fall, the source added.

The delay is prompting concern that regulators should have taken the lead on the investigation, Reuters reported, citing Kevin Hollinrake, the chair of the cross-party parliamentary group for fair banking and the lawmaker who instigated the probe in November 2018.

In November 2018, Lloyds apologized to and settled with former senior risk officer Sally Masterton, who blew the whistle on her former bosses, accusing them of hiding and failing to disclose the HBOS fraud.