On 7 May 2019 LBG announced the conclusion of the HBOS Reading Customer Review. The Review, overseen by Professor Russel Griggs OBE, was created to provide redress and compensation for those affected by criminal misconduct at the HBOS Impaired Assets Office for London and the South East, based in Reading.
Sir Ross will assess whether the process and application of the Customer Review methodology resulted in fair and reasonable compensation for customers. Sir Ross will prepare a report setting out his findings.
The Terms of Reference of the Cranston Review can be found here.
The Review will assess whether:
Sir Ross is not acting as an appeals process for those unhappy with the compensation offered by LBG. He will instead consider if the Customer Review provided fair and reasonable outcomes, and specifically whether the methodology provided a reasonable basis to deliver such fair outcomes and was applied consistently.
If you participated in the Customer Review at any stage, Sir Ross and his team will be seeking your views and experiences of the process. You should in due course receive a letter outlining what the Assurance Review would like to receive from you. Sir Ross is keen to receive the views and feedback from as many participants of the Customer Review as possible, and kindly requests that if you wish to make any submissions for his consideration or would like to meet with him, to please respond to his letter by Monday 8th July 2019.
We encourage customers to provide their own comments via email at info@CranstonReview.com, in writing, or alternatively by arranging a telephone call or meeting.
Whilst LBG was involved in conjunction with the FCA in establishing Sir Ross’s Terms of Reference for the Assurance Review, Sir Ross is wholly independent of any influence from LBG. It is vitally important that his review is open, rigorous, and fair, and that the LBG acts upon its recommendations (which it has committed to do).
Sir Ross will be examining original documentation from LBG’s own files, as well as information provided to the Customer Review by customers, and documentation generated during the Customer Review. The Assurance Review will assess the Customer Review’s approach to:
The revised provisional expected completion date for the Assurance Review is mid-November 2019.
A report setting out Sir Ross’ findings will be made publicly available on this website when completed and also sent directly to relevant stakeholders.
Any customers who at any stage participated in the Customer Review are encouraged to provide their views. This includes those who chose to opt out of the Review prior to receiving an offer of compensation, and those who did not accept the compensation offered. If you are not sure whether you are included in the scope of the Assurance Review, please contact us at info@CranstonReview.com.
The interview process will be an information gathering exercise. It is informal but it will be recorded.
Although most participants in the Customer Review reached settlements and signed settlement agreements, there is no restriction on individuals disclosing information to the Assurance Review. Participation in the Assurance Review will also not compromise any compensation made, or pending, as part of a settlement.
Given the scope of the Assurance Review, Sir Ross does not envisage that customers will require legal support in providing their input, and legal submissions will not generally be appropriate, for the following reasons:
However, Sir Ross recognises that there may be a small number of former Customer Review participants who may require some support from a third party advisor in formulating their input. If you feel that you require assistance to record your individual views and experiences of the Customer Review, Sir Ross has agreed with LBG that they will meet the reasonable costs of this assistance. Any such costs will only be met where they have been agreed in advance with LBG and are reasonable. LBG has agreed that ultimately the question of whether any costs are reasonable will be a matter for Sir Ross.
Sir Ross has agreed with LBG that they will cover reasonable travel costs for former Customer Review participants who wish to provide their input to the Assurance Review by way of a meeting with him. Again, this is subject to the costs being agreed in advance with LBG.
If you wish to contact LBG about costs for providing your input to the Assurance Review, please contact Mark Pope on Mark.Pope@lloydsbanking.com or 0207 574 8861.