Lloyds Banking Group has been urged to release the complete version of a long-awaited review into whether it concealed a £1 billion fraud tied to the Reading branch of HBOS.
Dame Meg Hillier, Chairwoman of the Treasury Committee, has called on Lloyds to publish a “full copy” of the Dame Linda Dobbs review—an independent investigation exploring the bank’s conduct around the HBOS Reading fraud—once it is finalised. The move follows widespread fears that Lloyds might release only excerpts or “findings” rather than the unedited report.
The fraud, uncovered in 2007, involved rogue bankers and consultants who manipulated risky credit arrangements at HBOS, which Lloyds rescued in 2009. Dozens of small and medium-sized enterprises were devastated by the scheme, resulting in six criminal convictions in 2017. Lloyds has since paid out over £1.3 billion in compensation and other charges linked to the scandal, but critics claim the bank initially sought to bury the extent of the affair and did not fully cooperate with police.
Launched in 2017 and funded by Lloyds, the Dobbs review was initially expected to conclude in a matter of months. However, the final report remains unfinished. Lloyds has consistently vowed to release the review’s “findings” but has not unequivocally committed to publishing it in its entirety. Dobbs, a retired High Court judge, has said she intends to draft the document in a way that enables full publication.
Hillier’s intervention was prompted by a letter from Andy Agathangelou, founder of consumer group Transparency Task Force, which campaigns for openness within financial services. Agathangelou pressed the Treasury Committee to ensure the unredacted report is released and to scrutinise the causes of its prolonged delay.
In her reply, Hillier emphasised that concluding and publishing the review was “essential” but stressed that further committee scrutiny might prolong the process. She nonetheless made it clear that the Treasury Committee’s expectation is that Lloyds release the complete report.
A spokesman for Lloyds responded: “We stand by our commitments to the committee and look forward to co-operating with them,” declining to clarify whether the full document will be placed in the public domain. Agathangelou welcomed Hillier’s statement, calling it a “clear and unambiguous” signal to Lloyds that only a “full and unredacted copy” would satisfy the concerns of those affected.
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Lloyds under fire to publish full £1bn HBOS fraud review