The Financial Conduct Authority is going back over loans up to 10 years old to see if consumers were overcharged in what some have said could be the next PPI mis-selling scandal.
Replicated across the industry, that £450 million from the UK’s biggest bank would turn into many billions in compensation payments.
Lloyds CEO Charlie Nunn said: “There remains significant uncertainty as to the extent of any misconduct and customer loss, if any, the nature of any remediation action, if required, and its timing. Hence the impact could materially differ from the provision, both higher or lower.”
Lloyds owns one of the largest motor finance firms, Black Horse.
Matt Britzman at Hargreaves Lansdown said the £450 million set aside was “less than some had feared but there will be question marks around how Lloyds has come to that figure”.
Denne historien er fra February 22, 2024-utgaven av Evening Standard.
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Denne historien er fra February 22, 2024-utgaven av Evening Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Why are England wasting time waiting for Tuchel?
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This is where the magic happens,\" reads a big neon sign scrawled across the entrance to the offices of arguably the most powerful man in British boxing today.
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Money is worth less than time'
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London's best festive restaurants
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Rag'n'Bone Man
I struggle with being recognised... I'll never really feel comfortable with it'
