Lloyds Banking Group Stock Price Slides After 448,000-Customer Data Glitch, FCA Motor-Finance Plan Looms
Lloyds Banking Group dropped 1.4%, closing at 91.02 pence in London on Friday. Lawmakers flagged a March IT mishap that leaked transaction and personal data for as many as 447,936 customers. The issue touched customers at Lloyds, Halifax, and Bank of Scotland. To date, the bank’s paid out £139,000 to 3,625 affected, and says it hasn’t seen any financial loss yet. Timing is a factor here. Investors are bracing for a March 30 update from the Financial Conduct Authority on motor-finance redress—a scheme set up for borrowers who weren’t properly informed about commissions. Lloyds has put aside nearly 2 billion pounds related to the case. Barclays, Santander, and Close Brothers are on the hook as well, but Lloyds stands out