Lloyds faces additional $1.1 billion charge over UK motor finance scandal
Lloyds Banking Group said on Monday it will take an additional charge of £800 million ($1.07 billion) related to the ongoing UK motor finance mis-selling scandal, bringing its total estimated cost to £1.95 billion.
The charge adds to mounting financial fallout for Britain’s largest domestic bank, which has faced growing scrutiny over improper sales practices in the auto finance sector, News.Az reports, citing Reuters.
Regulators have been investigating whether UK lenders, including Lloyds, unfairly overcharged customers through hidden commissions on car loans.
Lloyds did not immediately provide details on the expected timeline for compensation or regulatory resolutions.
The bank, which owns Black Horse Finance, is one of the UK’s largest providers of car finance.
Similar news
