Lloyds Holds Steady on Motor Finance Mis-selling Scandal
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Lloyds Banking Group maintains its substantial provision for the motor finance mis-selling scandal, totaling £1.95 billion, the largest set aside by any lender. The Financial Conduct Authoritys final compensation rules have not necessitated changes. The scheme covers 12.1 million dodgy deals with average payouts of £829, reducing the industrys expected bill to £9.1 billion from an earlier £11 billion estimate. The scandal involves car dealers receiving hidden commissions from lenders to push loans on unsuspecting buyers. Lloyds sees no need to adjust its numbers yet, but uncertainties remain. A legal claim for an additional £66 million is brewing from around 30,000 customers. Payouts are set to commence soon, keeping the pressure on drivers and banks.
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