Griggs appointed to review HBOS fraud cases

Russel Griggs

Lloyds Banking Group — which owns Halifax and Bank of Scotland — said on Monday it appointed Professor Russel Griggs to review the cases of firms affected in a £245 million fraud for which six people, including two former HBOS employees, were convicted earlier this year.

Griggs is chair of the audit committee at foreign exchange firm Lenlyn Group, a board member of Audit Scotland, and a former executive director at Scottish Enterprise.

Lloyds said that following consultation with the Financial Conduct Authority (FCA), Griggs had been appointed as the independent reviewer to “the HBOS Reading customer case review.”

“The review was announced as part of LBG’s commitment to look afresh at customer concerns following the conclusion of the trial in which a number of individuals were convicted, including two former-HBoS employees,” said Lloyds.

“Professor Griggs was selected for his experience in overseeing high profile reviews of a complex nature and for his clear understanding of SME businesses, as well as his track record in ensuring the principles of fairness are followed in a number of joint government, banking and industry initiatives …

“Since the announcement of the proactive review last month, LBG has written to the majority of customers identified as having been affected by the criminal acts perpetrated by the two former HBoS employees and Quayside Corporate Services (QCS).

“These customers will now be included as part of the review led by Professor Griggs.

“In addition, other customers who have raised concerns that they may have also been affected will also be considered for inclusion in this review.”