COMMONS

Committee presses for maximum transparency over "shocking" HBOS Reading crime

27 June 2018

Rt Hon. Nicky Morgan MP, Chair of the Treasury Committee, has written a series of letters regarding HBOS Reading.

Firstly, Mrs Morgan has written to Dame Linda Dobbs DBE to ask when her independent review of HBOS Reading will be completed, and to set out the Committee’s expectation that it will receive the full, unredacted findings of her work.

Secondly, Mrs Morgan has written to Professor Russel Griggs OBE, appointed by Lloyds as the independent reviewer of HBOS Reading customer cases, asking to provide the Committee with information about the compensation scheme for the victims.

Mrs Morgan has also written to Kevin Hollinrake MP, co-Chair of the All Party Parliamentary Group (APPG) on Fair Business Banking.

Chair's comments

Commenting on the correspondence, Mrs Morgan said:

"The fraud at HBOS Reading was a shocking crime that destroyed lives and livelihoods. There are numerous investigations into the events, including the Dame Linda Dobbs Review and an investigation by the FCA.

There are deeply troubling allegations raised in the 'Project Lord Turnbull' report, which are at the heart of Dame Linda’s and the FCA’s investigations. The Committee will consider the findings of this work when it’s completed.

In the meantime, we will continue to press for maximum transparency. It is overwhelmingly in the public interest to understand how such a huge criminal fraud was allowed to happen, and why it took so long for it to come to light.

With that in mind, I have written to Dame Linda to set out the Committee’s expectation that we will see the findings of her work, in the same form as they are presented to the FCA. In response to the Committee’s calls, the FCA has already committed to publishing a full account of its investigations into HBOS.

Small businesses have been subject to some appalling treatment by banks. The Committee’s inquiry into SME Finance is examining what needs to be done to prevent such cases from happening again, and how trust between banks and small businesses can be restored."

Further information

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