Pressure intensifies on Lloyds to publicly release the unredacted report on the HBOS Reading fraud case.
- The report, commissioned in 2017, aimed to uncover potential cover-up by Lloyds regarding the scandal.
- Key figures and organisations, including MPs and business groups, demand full disclosure to ensure accountability.
- The delay in publication raises concerns over transparency and potential continued concealment of information.
- Victims and advocacy groups criticise Lloyds for controlling the release of findings related to the fraud.
The call for Lloyds Banking Group to release a comprehensive, unredacted report into the HBOS Reading branch fraud has grown increasingly robust. The review, initially expected to take a few months after its 2017 commission, still remains unpublished in its full form, igniting criticism from various quarters. Former Treasury committee chairman Lord Tyrie has labelled the process as a scandal in its own right due to its prolonged nature, highlighting the need for complete transparency.
The investigation was designed to uncover details of how bankers and consultants at HBOS’s Reading branch misused lending practices to misappropriate funds, leaving numerous small businesses devastated and culminating in the imprisonment of six individuals in 2017. Despite Lloyds’s 2018 pledge to release the findings of this investigation, the extent of the promised disclosure remains ambiguous.
Prominent figures, including Baroness Morgan of Cotes and Conservative MP Kevin Hollinrake, have voiced their dissatisfaction. Baroness Morgan expressed her expectation for the full, unredacted report. Meanwhile, Kevin Hollinrake emphasised the need for clarity and accountability, warning of the implications of withholding critical information from the public.
Advocacy groups, SME Alliance and Transparency Task Force, have also been vocal, insisting that Lloyds should not dictate the publication strategy of a report investigating alleged misconduct within its own ranks. SME Alliance specifically voiced concerns over Lloyds potentially managing a report on its own alleged cover-up.
Lord Tyrie suggested that Parliament could exert pressure or compel witnesses to testify should Lloyds remain uncooperative. He remarked on a significant opportunity for Parliament to renew its commitment to transparency. Meanwhile, the BTU union has reached out to Dame Meg Hillier, the Treasury Committee chair, requesting that Anthony Dobbs explain the report’s delays to MPs.
Lloyds has reiterated its intention to share the review’s findings but has not confirmed if this includes a full unredacted report, leaving the issue of transparency unresolved. As the review continues, pressure is mounting on Lloyds to provide clear answers and address the lingering concerns surrounding its handling of the HBOS fraud scandal.
The unresolved status of the HBOS fraud report continues to challenge Lloyds on transparency, with increasing demands for full disclosure.
