MPs have called on the Serious Fraud Office to investigate Lloyds Banking Group and one of its property advisers over allegations that they conspired to abuse the insolvency process.
During a debate in parliament yesterday, Lloyds and Alder King, a firm of property valuers and receivers, were accused of “daylight robbery” by pushing small businesses to the wall as the bank sought to clean up its balance sheet after the financial crisis.
Last night, Lloyds and Alder King strenuously denied the allegations.
Jo Stevens, Labour MP for Cardiff Central, accused Lloyds of “colluding” with Alder King to manipulate the value of properties against which customers’ loans were secured.
It was claimed this was done to put the bank’s business customers in breach of the loan-to-value