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Noel Edmonds slams FCA over HBOS scandal

Former TV presenter launches emotional attack on HBOS bankers and their regulator ahead of arbitration over £300 million compensation claim.

 
Noel Edmonds slams FCA over HBOS scandal
 

Noel Edmonds launched an emotional attack on HBOS bankers, as he prepares to face arbitration over his £300 million compensation claim against Lloyds Banking Group (LLOY).

In a lengthy interview on Channel Four news last night, he also slammed the Financial Conduct Authority (FCA) for blocking the publication of a report into the issues surrounding Royal Bank of Scotland’s (RBS) small business lending practices in the aftermath of the financial crisis.

Edmonds (pictured) has been embroiled in the scandal around the fraud stemming from HBOS’s Reading branch that saw several HBOS bankers and their associates jailed for almost 50 years in February. Lloyds eventually set aside £100 million in April to fund compensation claims after being alleged to have initially covered up the fraud for nine years. 

The former TV game show host insisted that despite his fame, he was a ‘victim of crime, like everybody else’, reiterating how the pressures of the collapse of his now company, Unique Group, drive him close to suicide.

In the trial held earlier this year, former HBOS senior manager Lynden Scourfield was sentenced to 11 years in prison, but Edmonds’ ire was directed at his colleague Mark Dobson, who was jailed for four and a half years. During the trial of both them and their cronies, lurid details emerged of the sex parties and other gauche expenditure of the £250 million plus they are believed to have siphoned off.

Edmonds seemingly feels that despite dealing with Dobson through the bank’s London, rather than Reading branch, he is being overlooked and he fears others are in the same boat.

‘My case was not part of the "Reading Six", but quite clearly I was Dobson’ed and I think that there’s a lot of other people that were Dobson’ed because this man did not get on a train and go to Reading and turn into a criminal and then go back to London and decide he was to become a straight banker,’ Edmonds said.

He insisted that his company has a credit facility of around £1.5 million, which he said the firm never reached, saying this was a ‘matter of record with Lloyds’, which took over HBOS in a £12 billion deal in 2008.

Edmonds increased his compensation claim from c£50-70 million to £300 million in July, citing future earnings potential and emotional damages, while admitting that he had the backing of a major litigation funder.

He believes that investigations into banks’ treatment of small businesses around the time of the financial crisis, operation 'Hornet', should only gather momentum.

Citing the HBOS/Lloyds case as an example, he cited the case of the FCA refusing to release reports into similar claims versus RBS.

‘It’s quite clear that operation Hornet is not dead,’ he said. ‘Why are they re-energising their efforts? They know this is bigger.

‘The publication of the [RBS] report is very much in the public interest of the victims and as a victim of Lloyds, I would love to see them get justice.’

 

 

2 comments so far. Why not have your say?

Dave Kempton

Sep 28, 2017 at 19:10

It's quite simple as to why they are ignoring the fact that they know this is bigger. This is the proverbial can of worms and they are keeping the lid tight because if the fiddles were exposed then they would have to deal with them and look at investigating and prosecuting. the truth is that they hope it will all die a death and save them from having to do anything.

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Harry Flint

Sep 28, 2017 at 19:46

Edmonds is trying it on, he is claiming for 200 x the value of his business and he is trying to cash in on anti banker sentiment.

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