Lloyds’ share price has slipped into the red
A small business group has slammed Lloyds Banking Group (LON:LLOY) for being too slow to compensate victims of the HBOS fraud, City A.M. has reported. The fraudulent scheme, which took place before the bailed-out lender took ownership of HBOS, saw two corrupt employees at the bank’s Reading office impose a firm of turnaround consultants on their small business customers in exchange for bribes.
City A.M. reported yesterday that a small business group had criticised Lloyds for dragging its feet in compensating victims of the HBOS fraud. While the lender had said that it would aim to complete the process by the end of the month, it recently emerged that less than a fifth of the 64 victims of the scheme had received compensation offers and only one had reached a settlement with the bailed-out lender.