Nikki and Paul Turner (pictured) became victims of the fraud, which saw six people jailed
A married couple who uncovered a loans scandal at HBOS have agreed to an undisclosed settlement with Lloyds.
Nikki and Paul Turner became victims of the fraud, which saw six people jailed, after taking out a business loan for £160,000 with HBOS’s operation in Reading in 2003.
The pair campaigned on behalf of other small business owners for more than 10 years, and have finally agreed to a pay-off from Lloyds Banking Group.
The lender, which took over HBOS during the height of the financial crisis, has shelled out more than £29million in compensation payouts.
Among those jailed was HBOS manager Lynden Scourfield, who introduced clients to David Mills, who consultancy company profited from exaggerated fees.
A spokesperson said: ‘Lloyds and Paul and Nikki Turner are pleased that the dispute between them has been fully resolved and a settlement has been reached.
‘Lloyds Banking Group is sorry for the significant personal distress the Turners have suffered and acknowledges their vital role, over more than a decade, campaigning tirelessly for justice for all the victims of the criminal conduct at HBOS Reading Impaired Assets Office.’
The couple uncovered the fraud linked to the former HBOS impaired assets office in Reading and have campaigned for compensation for those affected.
The Turners brought the scandal to the attention of HBOS and Lloyds and then regulators, politicians and the police.
Around 35 out of 63 businesses affected by the scandal and included in a review have accepted compensation offers and been paid.
Among those jailed was HBOS manager Lynden Scourfield (pictured)
Three companies fall outside the review, including that of TV star Noel Edmonds.
The former Deal Or No Deal presenter is seeking significant financial redress from the bank and is set to commence legal proceedings imminently.
Lloyds has set aside a total of £100 million for victims of the fraud at the hands of HBOS Reading staff between 2003 and 2007.
Corrupt financiers from the HBOS Reading branch were jailed earlier this year for the £245 million loans scam which destroyed several businesses, before they squandered the profits on high-end prostitutes and luxury holidays.
After the settlement with Lloyds, the Turners said: ‘We are relieved and delighted that, after nearly 14 years, we have been able to agree a settlement with the bank that enables us get on with our lives.
‘Lloyds has recognised not only our role in campaigning for the victims of the HBOS Reading scandal but also that we will be continuing our work on behalf of other victims in order to help them secure a similar element of closure.’