Lloyds sets aside another £800m to cover car finance scandal [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
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Source: Yahoo! Finance
The additional charge means Britain's biggest bank now expects to incur costs of £2bn, having previously warned of a £1.15bn hit to its balance sheet. It comes after the Financial Conduct Authority (FCA) estimated last week that 14.2 million drivers were eligible for payouts after being mis-sold car loans. The City watchdog said they will be compensated through a redress scheme worth up to £11bn, below initial fears of £18bn. The smaller than expected figure initially delivered a boost to banking stocks, with Lloyds's market value jumping by more than £1bn. But the high street bank, which is the UK's largest motor finance lender, later warned it would probably be forced to increase its provision. In an update to the stock market on Monday, Lloyds said: “Based on the FCA proposals in their current form, the potential impact is at the adverse end of the range of previous expected outcomes.” It said the additional £800m reflected the increased likelihood of a higher number o
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