As Lloyds admit they will miss their self imposed HBOS compensation deadline, berg Chief Executive and banking expert Alison Loveday speaks to BBC Radio 5 Live’s Wake up To Money about what’s next for victims.
The bank which rescued HBOS after the financial crash in 2008 has already been in the headlines this week as television star Noel Edmonds, a victim of the HBOS fraud called the £100m scheme from the bank ‘ a sham’ . It admitted today it will miss its self imposed compensation deadline with just 1 case out of 64 having received redress, the future for the remaining victims looks uncertain.
Speaking to Wake Up To Money’s Guy Kilty, Alison Loveday said
“If you look at the detail of the fraud and the impact on the victims it was absolutely horrendous they’d already been forced to await the outcome of the criminal trial and to now have to keep on waiting without any transparency in the compensation or what they are going to receive, unsatisfactory doesn’t even begin to describe it”
“The bank should be saying you can rely on us to assess your compensation and we will be paying you out fairly and reasonably. We have seen with other compensation schemes on interest rate swaps and RBS GRG, that there is a complete lack of transparency and a failure to pay out the true cost resulting in no confidence in these schemes. This means people are having to obtain their own advice which comes at a cost and who will have to consider taking on the bank which is a difficult task for anybody”
To find out more about the issues raised in this post, or to discuss any queries regarding HBOS Fraud or any other banking or regulatory matters get in touch with our expert banking and finance team on email@example.com or call +44 (0) 161 829 2599.
The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by berg or any of its partners or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.