An influential committee of MPs has slammed lengthy HBOS scandal review

House Of Commons

An influential committee of MPs has urged the independent review into the HBOS Reading scandal to speed up its completion.

Dame Linda Dobbs, who is chairing the review into the Lloyds Banking Group fraud committed more than a decade ago, has come under fire from the Treasury Select Committee chair Nicky Morgan for saying the report will not be finished until "the second half of next year".

Morgan, a former cabinet minister and Conservative party heavyweight, expressed frustration at the lengthy wait for the review’s findings: "It’s almost a decade since Lloyds’ takeover of HBOS, nearly 18 months since the six individuals connected to the HBOS Reading fraud were convicted, and just over 14 months since Dame Linda was appointed to review HBOS Reading.

"Yet it will be a further 12-18 months until Dame Linda’s report will be completed. Whilst the Committee welcomes Lloyds’ commitment to provide it with the report, a publication date of mid-to-late 2019 is disappointing."

She added: "Whether it’s a case of insufficient resources or competing priorities at Lloyds, they should do all they can to ensure a swift conclusion of this work."

The review, which is funded by Lloyds but is carried out independently, is looking into the scam at the HBOS Reading branch which took place more than a decade ago between 2002 and 2007, and involved employees of HBOS bankers defrauding clients.

Read more: MPs demand more detail on 'shocking' HBOS Reading case

The comments follows on from news yesterday that a majority of fraud victims hit by the HBOS Lloyds Banking Group scandal have accepted offers of compensation.

Read more: Serious Fraud Office ends Lloyds Libor probes

Six people, including two former HBOS bankers, were jailed last year for a total of 47 years for their role in the fraud.

Full story: An influential committee of MPs has slammed lengthy HBOS scandal review: City A.M.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News