LONDON (Reuters) - A retired High Court judge has been appointed to review a compensation scheme set up by Lloyds Banking Group to pay redress to victims of one of Britain’s biggest banking scandals.
Sir Ross Cranston, who is also a former MP and solicitor general, will assess whether the scheme that has awarded millions of pounds in compensation was conducted fairly.
A representative for Cranston said he had been appointed by Lloyds after City minister John Glen called for a review into the scheme in December, after campaigners raised major concerns.
Lloyds said that regulator the Financial Conduct Authority had been informed and the review is expected to conclude in the third quarter this year.
Reporting by Iain Withers, editing by Lawrence White