Banks: Forged Customer Signatures

Lord Woodley Excerpts

Monday 16th January 2023 Lords Chamber

[Lord Sharpe of Epsom (Con)]

My Lords, the Minister is neither satisfied nor ashamed. I do not know the circumstances of that particular case. I am unable to comment on individual cases, but I will make further inquiries.

[Lord Woodley (Lab)]

My Lords, I struggle to read these facts out; they are quite unbelievable. As the Minister is well aware, the Lloyds Banking Group is accused of forging customers’ signatures. Since 2010, it has paid fines of £468 million, on 42 separate occasions. Yet it is allowed to fund the City of London Police—the very people who investigate banking and financial fraud. Can the Minister explain why the Government permit crooked banks to fund the police and how the resulting conflicts of interest are managed?

[Lord Sharpe of Epsom (Con)]

My Lords, those are yet more grave allegations that are partially unfounded. I have said already that this Government are doing a great deal with regard to funding the police and making changes to the way in which fraud is dealt with and investigated. We all recognise that this is a very serious crime; it needs to be dealt with.