Lloyds may need to set aside “material” sum of extra cash to cover motor finance compensation scheme

Yorkshire Post

Lloyds Banking Group has warned that it may need to set aside a “material” sum of extra money to cover the costs of the UK financial regulator’s proposed motor finance compensation scheme.

Transcript

00:00Hello, I'm Greg Wright of the Yorkshire Post.

00:04Lloyd's Banking Group has warned it may need to set aside a material sum of extra money

00:09to cover the costs of the UK financial regulator's proposed motor finance compensation scheme.

00:17Lloyd has already put aside a provision of £1.2 billion to cover costs linked to this issue.

00:24The bank told investors it was considering the impact of the Financial Conduct Authority's proposals

00:29for a redress scheme which were published on Tuesday.

00:33My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.

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