The Foskett Panel


Sir David Foskett has been appointed to chair the independent Re-Review Panel (also known as the Foskett Panel) to reassess the direct and consequential (‘D & C’) losses suffered by victims of the fraud committed at the ‘HBOS Impaired Assets unit based at Reading and Bishopsgate (‘IAR’)’. Sir David is joined on the independent Panel by Philippa Hill and Andrew Hildebrand.

The work of the Panel arises from the conclusions of Sir Ross Cranston’s report, known as ‘The Cranston Review’, published in December 2019. The Cranston Review concluded that the way Lloyds Bank had dealt with D & C claims in its original Customer Review was unsatisfactory and did not achieve the purpose of delivering fair and reasonable offers of compensation. He recommended that the process of assessing direct and consequential losses should be carried out again, but this time in a fair and proper manner. In a second report, published in April 2020, he suggested how the reassessment exercise might be carried out.

The Panel's Scope and Methodology Statement can be found here, and we have published guidance notes entitled ‘IAR Fraud and the Causation of Loss’ and ‘Quantifying D & C losses’.

Update from the Panel – April 2024

Update on our work and progress to date

Re-Review Decisions Issued
Total since the start of the Re-Review 241
17 November 2023 – 3 April 2024 30
7 July 2023 – 16 November 2023 23
7 March 2023 - 6 July 2023 41
6 December 2022 - 6 March 2023 27
5 October 2022 - 5 December 2022 52
3 August 2022 - 4 October 2022 50
Customers yet to receive a decision from the Panel 10

For the purposes of the table above, a ‘decision’ refers to a Victim Status Decision (VSD), ‘Minded-to’ Decision (MTD), or a Final Decision (FD) issued to a Customer.

General Progress

Since our last update in November 2023, we have issued a further 30 decisions to Customers.

First decisions

There remain 10 Customers who are yet to receive a decision, all of whose cases are under active case management. In the majority of those cases, information from Customers is still awaited. When we receive that information, we will be in a position to progress those claims.

Challenges to ‘Minded-to Decisions’

We have issued a significant number of final decisions over the last few months with the assistance and co-operation of Customers and their legal advisers. However, it remains the case that delays in the provision of grounds of challenge where a challenge to a Minded to Decision is made have slowed progress of the Re-Review and are a limiting factor in how quickly we can move forward with issuing these decisions. We and our team are not able to progress work on a challenge before receiving the grounds of challenge.

In our November 2023 update, we referred to the introduction of agreed timetables, and the potential imposition of deadlines, for the provision of grounds of challenge. Most Customers and their legal representatives have responded positively to this indication and, to date, we have been content for the case managers to proceed by securing agreed timetables without the need to impose deadlines. In a very small number of cases, we have not received cooperation in this regard and, if that continues to be so, we will have to consider imposing deadlines for the supply of grounds of challenge on a case-by-case basis and issuing a final decision in default of meeting that deadline.

Customers who have chosen a full assessment of their losses

A number of customers who have been assessed to have been victims of the IAR Fraud have chosen not to accept the Fixed Sum Award and have asked for their financial losses (if any) to be assessed. All of these claims, which demand a significant amount of time from us and our team, are under active case management and are being progressed as quickly as possible in the circumstances.

Next update

We intend on issuing our next progress update in July 2024. If you have any questions about your case, please do contact your Case Manager.

Kind regards,

David Foskett
Philippa Hill
Andrew Hildebrand

Video Update from Sir David Foskett – April 2021

For the FAQ videos referenced in the above update, please click here.

If you have any questions or comments in the meantime, please contact