US EditionLloyds warns of bigger hit from UK motor finance scandal
Lloyds has provisioned £1.15 billion but may need to raise this to £1.5 billion amid FCA plans to compensate 14 million customers for mis-sold car loans.
- Lloyds Banking Group said it would likely need to set aside more cash to compensate customers for mis-sold car loans, following the UK regulator's proposed redress scheme.
- Lloyds has already provisioned about £1.15 billion, the largest amount set aside by any operator in the motor finance industry.
- The Financial Conduct Authority said the motor finance industry could pay about £11 billion to compensate consumers for mis-sold car loans.
14 Articles
14 Articles
Lloyds warns of bigger hit from UK motor finance scandal
Britain's Lloyds Banking Group will likely need to set aside more cash to cover the cost of compensating motor finance customers, the bank said on Thursday after the UK regulator this week proposed a redress scheme for the mis-selling scandal.
Car finance scandal: Are you eligible for compensation and how much money could you receive?
Millions of drivers could be eligible for compensation from the car finance scandal, with drivers potentially receiving hundreds of pounds.The Financial Conduct Authority (FCA) announced earlier this week that it would be finalising the terms of a redress scheme in response to car finance mis-selling.GB News has answered some of the most important questions relating to the car finance scandal redress scheme to help motorists get compensation. TR…
Evening Standard
The IndependentLloyds warns of ‘material’ extra provision needed for car finance payouts
Lloyds has significant exposure to the car finance industry.
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