UK Says Car Loan Firms Should Prepare for Financial Fallout From Probe [BNN Bloomberg (Canada)]
Lloyds Banking Group Plc American Depositary Shares (LYG)
US:NYSE Investor Relations:
lloydsbankinggroup.com/investors
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Source: BNN Bloomberg
car finance products after lenders in recent months diverged on whether to take an immediate hit to earnings. The watchdog, which has been reviewing historical commissions for car loans since January, said all firms need “to plan for any additional operational costs from increased complaints and, where applicable, to meet the costs of resolving those complaints.” Lloyds Banking Group Plc, the biggest provider of car finance, has set aside £450 million ($563 million) to pay for possible compensation and other costs linked to the FCA's ongoing probe. Close Brothers Group Plc, where one-fifth of the loan book is dedicated to motor finance, has said it won't pay any dividends for the 2024 financial year as it looks to strengthen its balance sheet while the review continues. But Barclays Plc opted not to make a provision for the probe because it has a relatively low market share in the motor finance business and it hasn't received a material number of complaints, Anna Cross, the bank
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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