Carolyn D’Souza represents whistleblower Sally Masterton in second settlement process with Lloyds Banking Group

Sally Masterton, former senior risk officer at HBoS and author of the Project Lord Turnbull report, has achieved a further settlement with Lloyds Banking Group.  Mrs. Masterton and LBG have agreed a joint press statement in the following terms:-

“Lloyds Banking Group very much regrets and apologises for the distress and inconvenience caused to Mrs Masterton following the publication of the “Project Lord Turnbull Report” earlier this year,  which named  her as the author. Both parties can confirm they have agreed a financial settlement by way of  compensation.

The Group recognises that Mrs Masterton, who was a senior risk officer in the Group, acted with integrity and in good faith at all times in assisting the Thames Valley Police investigation and in raising her concerns with the Group. We confirm that Mrs Masterton’s concerns were documented following a request from the Group that she set out her concerns in writing.

The Project Lord Turnbull Report was provided to the regulator and the police in 2014. It has also been provided to Dame Linda Dobbs,  a retired High Court  judge appointed by the Board of Lloyds Banking Group to consider whether the issues regarding HBOS Reading were  investigated and appropriately reported to the authorities at the time by Lloyds Banking Group, following its acquisition of HBOS in 2009.

We remain grateful for Mrs Masterton’s continued and voluntary assistance to the Dame Linda Dobbs’ independent review. The concerns Mrs Masterton raised with the Group, culminating in the Project Lord Turnbull Report, and the Group’s handling of those concerns, are important matters which Dame Linda will be considering.

Mrs Masterton agrees with us that Dame Linda Dobbs’ review is the appropriate forum for considering matters in relation to the “Project Lord Turnbull Report”, together with any investigation or enquiry by the FCA.”

Sally Masterton was supported in this process by WhistleblowersUK.

For media coverage of this matter, see…

The Telegraph

Financial Times

City AM




Morning Star

Any further enquiries should be directed to –

Bell Yard Communications

Melanie Riley 0207 936 2021/07775 591244

Louise Beeson 0207 936 2023/07768 956997