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Lloyds bank 'assessing impact' of car finance ruling
The Guardian
|October 29, 2024
Lloyds Banking Group has said it is assessing the potential impact of a landmark court ruling over car finance mis-selling on Friday, which may lead to lenders paying out billions of pounds in compensation to borrowers.
The bank, which is the most exposed among high street lenders and holds about £15bn in car loans through its Black Horse division, stopped short of offering any guidance on how much it may be forced to put aside to handle potential payouts. However, Lloyds said it would update the market "if and as appropriate".
The court of appeal ruled in favour of three borrowers on Friday, saying it was unlawful for lenders to have paid a commission to car dealers without the borrowers' knowledge.
This story is from the October 29, 2024 edition of The Guardian.
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