Lloyds Banking Group plc Keeps £1.95 Billion Motor Finance Provision After FCA Final Rules
Lloyds Banking Group will keep its £1.95 billion provision for motor finance compensation unchanged after reviewing the UK regulator’s final rules. The Financial Conduct Authority’s redress scheme covers about 12.1 million agreements, with total industry costs estimated at £9.1 billion. Lloyds will update investors again on April 29. Barclays and Close Brothers have set aside £325 million and £300 million, respectively.