Lenders warned to hold back more cash amid car finance scandal [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
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Source: Yahoo! Finance
The Financial Conduct Authority (FCA) has been reviewing variable commissions paid to secondhand car dealers since January after a surge in complaints. The regulator said on Friday data was arriving too slowly from firms and warned some lenders were failing to properly brace for the potential financial hit. Roma Pearson, director of consumer finance at the FCA, said: “While each firm will need to examine its own specific circumstances and these issues do not impact all firms in the same way, we would expect all firms to plan for any additional operational costs from increased complaints and, where applicable, to meet the costs of resolving those complaints.” The watchdog added that all firms should assess whether they had enough cash to deal with the possible claims hit, and examine whether dividend payments should be prioritised over possible redress claims. The motor finance scandal emerged earlier this year after the Financial Ombudsman Service, which deals with financial
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LYG
Sec Filings
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- LYG's page on the SEC website