She said that the review was “primarily concerned with protecting the bank’s position” Philip Toscano/PALloyds Banking Group has appointed an independent reviewer to oversee potential compensation payouts to victims of the HBOS Reading fraud. Russel Griggs, who has led industry-wide reviews of small business banking, will examine the extent of any payments due to about 100 small business owners who had their livelihoods wrecked by criminal financiers connected to Lloyds’ HBOS subsidiary. The £245 million scam involved bankers conspiring with consultants to asset strip small businesses and use them as a conduit for stealing millions of pounds from HBOS through fraudulent loans. Many of the victims were left penniless by the scam. Professor Griggs will oversee the scope, methodology and outcomes of the review, Lloyds…

Source: The Times March 20, 2017 16:52 UTC