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“As the HBOS Whistleblower, I have been working with the victims of the HBOS Reading Fraud since December 2008. It is absolutely right that Lloyds have finally admitted that are liable to pay compensation (or as Noel Edmonds rightly describes it “the return of stolen goods”) to the victims of the fraud. This is very very long overdue. The trouble is that Lloyds claim to have appointed an “independent reviewer” to do this. This is wrong because anyone appointed and paid for by Lloyds cannot be independent. “He who pays the piper calls the tune”.

There are countless examples of wrongdoing by big companies being “white washed” by big name “independent reviewers” who get paid handsome fees for their trouble.

The solution to this web of appalling iniquity is simple. Each victim’s claim for compensation should be determined by a High Court Judge in formal legal proceedings in which Lloyds admit their liability to each victim and the Judge is asked simply to determine the correct level of compensation.

The victims’ legal fees should be paid for by Lloyds (as they would be in any event). Fees can be reduced by combining all the cases like a class action so that common principles can be agreed by the same Judge to the calculation of compensation for all cases.

The case can be expedited by the agreement with the High Court and cooperation of the parties. In the meantime, victims should immediately be paid interim compensation by way of mediation paid for by Lloyds.”

Paul Moore Sept 2017