HBOS 'mis-sold employee share scheme'
Tens of thousands of employees in stricken bank HBoS are considering legal action amid claims that they were mis-sold company share schemes.
In some cases this meant the loss of their life savings.
The Accord union has appointed lawyers to investigate whether the banking group, now part of Lloyds, breached Financial Services Authority rules in its advertising, which encouraged thousands of staff to sign up to the share scheme.
Under one of the company's share schemes, workers were given a 'bonus' of free shares to encourage them to buy equity with their annual bonus.
Ged Nichols, Accord's general secretary, said: 'We are investigating whether the company crossed the line with the advertising and are awaiting legal advice. It all looks pretty sick.'
Nichols said one staff member had invested 25 years worth of bonuses in company share schemes amounting to about £300,000. The value has now crumpled to £3,000.
Rob Macgregor, national officer for the finance sector with the Unite union, claimed bank staff were urged to invest solely in their employer's shares rather than to spread the risk.
Most watched Money videos
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Fiat pledges to cease grey car production as they launch new EV
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Tesla unveils new Model 3 Performance - it's the fastest ever!
- Mercedes has finally unveiled its new electric G-Class
- How to invest for income and growth: SAINTS' James Dow
- 2025 Aston Martin DBX707: More luxury but comes with a higher price
- Land Rover unveil newest all-electric Range Rover SUV
- Blue Whale fund manager on the best of the Magnificent 7
- Mini Cooper SE: The British icon gets an all-electric makeover
- Mini celebrates the release of brand new all-electric car Mini Aceman
- Avon Protection handed £38m gas mask contract by MoD
- Ford confirms it will cull another of its best-selling...
- Watches of Switzerland buys Italy's Roberto Coin Inc for...
- ITV hit by Hollywood strikes as it pins hopes on Euros...
- Why we need more than a British Isa to move the dial on...
- Mortgage rates are climbing again - should we be worried?...
- Used car sales hit a five-year high as fresh supply of...
- BUSINESS LIVE: BoE base rate decision; ITV eyes ad market...
- BAE Systems tools-up for growth as Britain plots defence...
- Snoop Dogg cannabis firm to ditch London after losing 97%...
- Drivers abandon Direct Line after insurance premium hikes
- Hedge fund tycoon's £34m silver salvage claim sunk at the...
- Controversial Brewdog founder James Watt steps downs
- We do need to resolve inequality admits £8m-a-year...
- TSB to close one in six branches: More than 6,000 shut by...
- Oil industry engineer Wood Group rejects £1.4bn Dubai...
- Millions kept in the dark over City watchdog's mystery...
- Spring property bounce is a damp squib - Rics estate...