HBOS Reading Fraud: A 14-year battle

The Turners who helped expose the HBOS Reading scandal have finally received a pay-out from Lloyds Banking Group, owners of HBOS, which they estimate resulted in a £11m loss for their business.  

The ordeal began for Paul and Nikki Turner in 2003, when they decided to take out a £160,000 loan to help further their music publishing company. HBOS bankers urged the couple to take on the services of Quayside Corporate Services which were arm in arm with HBOS.

In 2007, the misconduct was eventually exposed to Paul and Nikki Turner, after which they requested to terminate their relationship with QCS Consultants. As a result of this, the bank pulled the loan which then plunged the music publishing business into ruin.

After over a decade of fighting for justice, at the end of November 2017, the Turners finally received their pay-out, for which they have said that they are ‘content’.

The couple told Mail Online that during this period, they faced 22 eviction notices and around 5 to 6 visits from bailiffs due to unpaid council tax bills.

The Turners helped bring justice for the victims which suffered at the hands of the rogue HBOS bankers.

Lloyds Banking Group bailed out HBOS during the financial crisis, and as a result of the HBOS Reading scandal, they have set aside £100m to help those affected.

During early 2017, Lynden Scourfield, former senior HBOS manager and a group of five others were jailed as a result of the fraud which was ongoing at the Reading branch between 2003 – 2007. The £245m scam left businesses penniless and owners losing homes.

Seneca Banking are at the forefront of winning compensation for SMEs mistreated by business support units, such as Royal Bank of Scotland’s Global Restructuring Group. If you are concerned about your treatment, please get in touch by calling 01204 322 805 or through our contact form.