Lloyds Banking Group Sees No Need to Raise Car Loan Mis-selling Provisions

MT Newswires Live04-02

Lloyds Banking Group said it does not plan to change provisions for motor finance mis-selling compensation after assessing the final rules issued by the Financial Conduct Authority.

The bank said its review found no need to adjust its existing provision, adding that uncertainties remain around response rates, operational costs, and potential litigation.

The final outcome could vary depending on legal actions and complaints, with an update expected alongside Q1 results later in April, the company added.

The Financial Conduct Authority estimates lenders will pay 7.5 billion pounds in compensation, plus around 1.6 billion pounds in administrative costs, bringing the total program to 9.1 billion pounds, down from a prior estimate of 11 billion pounds, according to reports.

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