Auto lenders warn FCA scheme threatens sector profitability [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
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Source: Yahoo! Finance
its current scope could significantly undermine sector profitability and reduce consumer credit availability. The scheme, which spans agreements from 2007 to 2025, targets discretionary commission arrangements where consumers were unaware that dealers received payments for arranging finance. Approximately 14 million customers may be eligible for redress, with average payouts estimated at £700, under the existing FCA arrangements. Lenders are urging the government to exclude pre-2014 agreements from the scheme, arguing that the FCA lacks the legislative authority to enforce redress for the period prior to assuming oversight of consumer credit. Sources cited by The Sunday Times suggest that secondary legislation would be required, and that Chancellor Rachel Reeves could intervene by withholding support. The FCA disputes this interpretation, stating: “We are satisfied we have the powers to implement the scheme we are consulting on.” It added that complaints dating back to 2007
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LYG
Sec Filings
- 12/5/25 - Form 6-K
- 12/4/25 - Form 6-K
- 12/3/25 - Form 6-K
- LYG's page on the SEC website