Lloyds puts aside another £700m for compensation over car finance scandal
Profits hit as total held back for payouts at almost £1.2bn amid uncertainty ‘around final financial impact’Business live – latest updatesLloyds Banking Group has been forced to put aside another £700m for potential compensation over the ballooning car loan commission scandal, in a move that knocked its annual profits by 20%.The fresh provision marks a notable jump in the bank’s estimates for the potential cost of the scandal and brings the sum it will hold back for payouts to almost £1.2bn. RBC Capital has estimated that the bank could ultimately be on the hook for up to £4.6bn. Continue reading...
admin
0
2
Profits hit as total held back for payouts at almost £1.2bn amid uncertainty ‘around final financial impact’
Lloyds Banking Group has been forced to put aside another £700m for potential compensation over the ballooning car loan commission scandal, in a move that knocked its annual profits by 20%.
The fresh provision marks a notable jump in the bank’s estimates for the potential cost of the scandal and brings the sum it will hold back for payouts to almost £1.2bn. RBC Capital has estimated that the bank could ultimately be on the hook for up to £4.6bn. Continue reading...
