Lloyds warns car finance compensation scheme could cost it nearly £2bn

Yorkshire Post

Lloyds Banking Group has estimated the car finance compensation scheme could cost the bank nearly £2 billion, after putting aside an extra £800 million for the mis-selling saga. The banking group said it was expecting there to be a higher number of historical motor finance agreements that are eligible for redress than it previously thought.

Transcript

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

00:03Lloyd's Banking Group has estimated that the car finance compensation scheme

00:09could cost the bank nearly £2 billion

00:12after putting aside an extra £800 million for the mis-selling saga.

00:18The Banking Group said it was expecting there to be a higher number of historical motor finance agreements

00:23that are eligible for redress than it had previously thought.

00:27This follows the UK watchdog, the Financial Conduct Authority,

00:32publishing details of its proposed compensation scheme last week.

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