A leading business organisation has said it is "simply unacceptable" that small firms are still awaiting compensation from one of the world's biggest banks.

The Federation of Small Businesses was responding to reports that Lloyds is set to miss its June deadline for compensating small businesses affected by fraudulent activity at HBOS's Reading division.

In March, the bank appointed Professor Russel Griggs to act as an independent reviewer and assess compensation claims.

FSB national chairman Mike Cherry (pictured) said: "The fact that small business owners whose livelihoods were taken away by HBOS a decade ago are still waiting for compensation is simply unacceptable.

"Some of our members lost their businesses and have faced an uphill struggle to make their voices heard.

"We need to see Lloyds taking all available steps to ensure that every affected business owner is compensated swiftly.

"We urge Professor Griggs to ensure that this process is as timely and transparent as possible.

"Ten years is too long to wait for fair treatment. It's time to give these entrepreneurs the support they're due."

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