PRA Under Pressure To Probe Lloyds Over HBOS Fraud

Law360, London (April 8, 2019, 1:35 PM BST) -- The Prudential Regulation Authority is facing political pressure to investigate allegations that bosses at Lloyds Banking Group, including its chief executive Antonio Horta-Osorio, attempted to cover up an estimated £245 million ($320 million) fraud at a branch of its HBOS subsidiary.

Kevin Hollinrake, co-chairman of the All Parliamentary Group on Fair Business Banking, has asked Bank of England Governor Mark Carney whether the PRA — the central bank's regulatory arm — should examine the historical case, according to correspondence released on Monday.

Six people, including two former bankers, were sentenced in 2017 for their role in a loan scam at a branch of HBOS,...

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