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Lloyds faces up to HBOS whistleblower case again

After allegedly silencing a whistleblower who wrote an internal report criticising Lloyds Banking Group’s handling of fraud, Lloyds Banking Group has agreed to reopen the case, The Financial Times reports.

Using her insight from working as an employee in the bank’s high-risk division, Sally Masterton claimed that some of HBOS’ executives from the Reading branch were concealing a fraud before Lloyds took over during the financial crisis in her 2013 report.

Last month, the report was controversially released by MP Kevin Hollinrake, because he believed that “the circumstances of Sally Masterton’s treatment must be aired openly and not buried in a bank vault under a mountain of shareholders’ cash”.

The main controversy lies within the report, which claimed that Lloyds had received, yet not acted upon, evidence of the fraud, being released at the time when Lloyds had refused to compensate victims of the fraud as they claimed that they were not provided with any evidence.

Titled “Project Lord Turnbull” (but with no relation to the former cabinet secretary Andrew Turnbull), the project was claimed to be the reason for Masterton’s leaving in unexplained circumstances in 2014.

This, alongside the report’s release last month, has resulted in increased pressure on Lloyds which has led the bank to entrust the task with Alan Dickinson, a former executive at RBS, the FT reports.

Dickinson will be reviewing the treatment of Masterton and coming to the conclusion of whether or not the bank should apologise.

A Lloyds spokesperson told the FT that the bank was in “private dialogue with the author of the Turnbull report who [they] believe has acted with the best of intentions”.

Lloyds had not before publicly commented on Masterton’s intentions; prior to this, the bank merely stated that the report was not commissioned by the bank and that its allegations were not supported by evidence.


Wells Street Journal: Pensions Regulator lobs a rotten Nest egg

Much has been made of the Government’s taxpayer funded campaign encouraging voters to back remaining in the EU. The Leave side predictably went ballastic when details emerged of the 14-page booklet sent to every household in the UK at a cost of £9m. Leading Brexiteers Boris Johnson and Nigel Farage also presumably received the handy […]


Pay for top pensions regulator and ombudsman staff revealed

The annual accounts of the Pensions Regulator and The Pensions Ombudsman have revealed salary levels for top staff. Outgoing TPR chief executive Lesley Titcomb’s salary was between £220,000 and £225,000 for 2017/18, with a bonus payment of between £15,000 and £20,000 on top of that. Both amounts were unchanged from 2016/17, and the chief executive’s […]

File image of Welders at work in steel forge

Second British Steel IFA goes into liquidation

A second advice firm involved in the British Steel saga has gone into liquidation, according to an insolvency notice published by The Gazette. An update published on The Gazette’s website shows Retirement & Pension Planning Services, based in Barnsley, appointed liquidators on 25 June. It says this is a solvent liquidation and all known creditors […]

Trusts: Easier than you think?

Protection providers often extol the benefits of placing plans in trust. The advantages for clients are widely recognised and numerous – inheritance tax mitigation, avoiding probate delay, controlling claim proceeds, and so the long, familiar list continues. Yet, dismissed as unnecessary form-filling, or simply viewed as irrelevant in the context of a mortgage sale, less […]


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