Fears Over FCA Motor Investigation Costs Mount -- Market Talk

Dow Jones2024-10-28

0816 GMT - The potential for the U.K. regulator's investigation into the motor finance sector to cost more than initially thought is weighing on Lloyds Banking Group's stock, Hargreaves Lansdown's Matt Britzman says. The court ruling upholding a claimant's appeal against Close Brothers suggests that the Financial Conduct Authority could take a harsher view in its probe of commissions paid on motor finance transactions, Britzman adds. Lloyds is exposed through its Black Horse brand, the U.K.'s largest motor finance provider. Lloyds took a 450 million pound provision this year but consensus expects another 500 million pound one next year, he notes. Lloyds shares closed 7.3% down on Friday and slipped 1.4% further at market open on Monday, while Close Brothers traded flat after sinking 25% on Friday. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

October 28, 2024 04:16 ET (08:16 GMT)

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Lloyds is exposed through its Black Horse brand, the U.K.'s largest motor finance provider. Lloyds took a 450 million pound provision this year but consensus expects another 500 million pound one next year, he notes. Lloyds shares closed 7.3% down on Friday and slipped 1.4% further at market open on Monday, while Close Brothers traded flat after sinking 25% on Friday. 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