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Lloyds Bank “covered up” fraud, says Thames Valley commissioner

In Blog by Ian Fraser

19 February 2017 Lloyds Banking Group has been accused of “covering up” a massive fraud which destroyed up to 200 companies and cost the bank an estimated £1 billion in losses by the police and crime commissioner for Berkshire, Buckinghamshire and Oxfordshire. The massive fraud, which mainly took place between 2003 and …

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What the HBOS fraud tells us about the state of British banking

In Blog by Ian Fraser

8 February 2017 The £1 billion HBOS Reading fraud, my part in exposing it, and what it tells us about the state of British banking   Note: This is a fully revised, updated and extended version of ‘Mafioso bankers and my part in their downfall‘ published in the Sunday Herald on 5 …

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Mafioso bankers and my part in their downfall

In Article Library by Ian Fraser

By Ian Fraser Published: Sunday Herald Date: 5 February 2017 ON Thursday, two bankers and four consultants were jailed for their part in a £245 million loans scandal which caused the destruction of up to 200 viable small-business customers of the bank HBOS, and is thought to have caused losses …

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Investor seeks to force accountability at Lloyds Banking Group

In Blog by Ian Fraser0 Comments

14th April 2015 Lloyds Banking Group shareholder Michael Page may be about to force some accountability, and perhaps even a degree of honesty, at the state-rescued bank in which he owns a stake. In doing so Page — whose Guernsey-based aircraft leasing business was left massively out of pocket following the collapse of the scandal-plagued, and HBOS-backed, aviation …

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Osborne should break up RBS and Lloyds, not chase a fast buck

In Blog by Ian Fraser0 Comments

March 11th, 2015 Britain’s banks would never have been able to get away with behaving as badly as they have, to missell as many financial products or ruin as many viable business customers if their sector had been subject to proper competition, the former entrepreneur-in-residence at the Department of Business Innovation and …

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The dog that eats up debt

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 21 December 2014 [Note this the unedited version of a business focus article published in the Sunday Herald on 21 December 2014] Banks including the Royal Bank of Scotland and Lloyds Banking Group have found a new way of freshening up their balance sheets …

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Chuka Umunna: PWC’s useful idiot?

In Blog by Ian Fraser1 Comment

January 23rd, 2014 I’ve long wondered how committed the Labour shadow business secretary and MP for Streatham Chuka Umunna really is to UK banking reform. It seems the answer is “not very”. In the furore that followed the publication of the Tomlinson Report on November 25 last year, a report …

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The Parliamentary Review: Review of the Year in Finance

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: The Parliamentary Review Date: September 30th, 2013 The Libor scandal It was described as the banking industry’s ‘tobacco moment’. In June last year, Barclays was fined £290 million by US and UK regulators and judicial authorities after it admitted to systematically rigging the London Inter-Bank Offered …

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Cummings–losing touch with reality?

In Blog by Ian Fraser2 Comments

December 15th, 2012 In his testimony to the Parliamentary Commission on Banking Standards taken, taken in private in his Dumbartonshire bungalow on November 27th, the former HBOS corporate chief executive Peter Cummings railed against the FSA and criticised his boardroom colleagues but seemed to be as much in denial as ever. …

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HBOS whistleblower hits back at Crosby claims

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: December 9th, 2012 Paul Moore, the whistleblower whose evidence was key to last week’s hearings of the parliamentary commission on banking, has accused his former HBOS boss Sir James Crosby of “trying to rewrite history” about Moore’s sacking from the Edinburgh-based bank. In an interview …

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Sir James Crosby, the ex HBOS boss, and the concept of mercy

In Blog by Ian Fraser1 Comment

December 1st, 2012 In a comment piece in Saturday’s Times, financial editor Patrick Hosking gave ten reasons why the Parliamentary Commission on Banking Standards must show absolutely no mercy to the former HBOS chief executive James Crosby when he appears before it at 3.30pm on Monday afternoon. This is no time for faux deference, taking mendacious …