HBOS: Fraud Investigation

Lord Hamilton of Epsom Excerpts

Thursday 26th March 2026 Lords Chamber

[Lord Livermore (Lab)]

It is very difficult to disagree with what the noble and gallant Lord says, and I am sure I agree with much of it. Substantial protections were put in place in terms of financial services after the financial crisis that he described, and those protections remain; that is, adherence to international standards, ensuring robust NRA remains in place, commitment to ring-fencing and the new FPC, FCA and PRA—that whole architecture. The reforms that were put in place post financial crisis are incredibly important in ensuring ongoing confidence in our financial services sector.

[Lord Hamilton of Epsom (Con)]

My Lords, can the Minister now answer the question from the Conservative Front Bench? How much money has been got back from the fraudsters and how much of that has ended up with the victims of this appalling crime?

[Lord Livermore (Lab)]

As I said before, that is a matter for the independent Foskett Panel, which was established by Lloyds Banking Group in 2020. The review is independent. I understand that it has made its determinations and settled the compensation for the majority of victims, although there are, of course, a few outstanding cases. I hope this work will be able to conclude in the very near future.