Lloyds Banking Share Discussion Threads

[gotnorolex] 02/11/2024 17:58

Apart from prima facie, it's clear that Lammy and Badenoch are not hewn from the same block! She does not whine over stop and search, does not believe in ethnic quotas, thinks Lammy's reparation demands are nothing but a scam and believes in a meritocratic society, proved to be top ranking trade negotiator. From what I know of her so far, she is certainly no "Aunt Jemima" and well respected amongst Tory MPs. Hopefully its rank and file membership will see what scruff and some other prolific acerbic posters see in her!
Can't wait for Wednesday.... Someone who knows her own mind vs anyway the wind blows Starmer!

[freddie01] 02/11/2024 17:45

Good post hardup1.

[utrickytrees] 02/11/2024 16:23

The profit on vapes must be sensational mm2?

[hardup1] 02/11/2024 16:17

Worth a read from Hounddog10 on the LSE Lloyds BB.

"The FCA cannot be sued. I think it goes back to the 2012 Finance Act and before. So that is not a let out for the car finance providers. However, the fact that they screwed up has some impact. In The Times Howard Davies (former FSA head, precursor to the FCA) has been reported as saying that, in his experience, the courts would not have intervened had not the FCA guidance been so wrong. The FCA has hit back saying that the courts are addressing fiduciary duty rather than disclosure issues. This is disingenuous. Disclosure and fiduciary duty issues overlap and any FCA guidance should take account of both.

It is difficult to know where this will all end up. However, my best guess is that the FCA will come up with some sort of redress scheme. This will be delayed from the already pushed back date of May 2025 (the analysts seem to think that as well) and will only happen once the Supreme Court has heard an appeal of the Court of Appeal decision (which I think it will allow, but does not have to - it requires, in the SC’s view, an arguable point of law. The SC does turn down many requests to appeal to it - see their website on permission to appeal decisions).

This then leads into the parameters of the redress scheme. I think there will be some pressure here on the FCA. It is not just the “evil” banks that are impacted but motor dealerships (often Mom & Pop enterprises) and the finance arms of major motor manufacturers. I doubt, practically, the banks will claw back commission from the dealerships, which I suspect they are entitled to contractually do and could bankrupt many, but they can threaten to do so. The motor manufacturers are also a different opponent for the FCA. They are more international and much less of their business is in hock to the FCA (as nearly all of the banks’ business is regulated by the FCA they have to keep it more onside).

There is then the possibility that whatever redress scheme the FCA comes up with will be challenged by judicial review. The FCA will argue that customers were potentially done over through lack of disclosure/failure on fiduciary duty and need to be recompensed. The banks (and others) will say we were just following FCA guidance. I think, unfairly (and it is a function of having a regulator with no liability for their decisions) the banks will end up paying but the threat of the argument of regulator failure may put limits on the redress scheme (whether it goes to judicial review or not).

I think the banks will be more aggressive than on PPI, when AHO capitulated with unforeseen consequences. They have learnt their lesson and have much better arguments on motor finance ie that they followed the regulatory rules. However, the likely conclusion is that they will be nailed for quite a lot of money, but I very much doubt it will be anywhere the sort of amount Martin Lewis is plugging."

[mikemichael2] 02/11/2024 14:53

No, I'm not having that, Brighouse (quite small) has 5 vape shops and 6 charity shops, booming

[cobourg1] 02/11/2024 14:18

flyfisher

"With regard to the new reading of the law. As the FCA has given incorrect guidance then does it carry any liability?"

Good point!

As the lenders were operating within the law as it stood at the time and as they were receiving wrong guidance from the FCA, then I think it's likely that the FCA will be pressured to reject claims for compensation. The FCA has now locked the stable door so that's that. Forget historical claims.

From my reading this pressure will already have been applied at various meetings.

You know what - good chance this will all blow over and Lloyds will be back to 60p plus IMO.

[utrickytrees] 02/11/2024 14:16

Yes Diku the only high st businesses left are those that can't trade amazon marketplace. Local authorities really need to come up with a method of taxing all on line purchases perhaps say 50p/ delivery and give that money to Scruffs hairdresser so he can afford to swap his RR vogue SE every year instead of biannual.

[arja] 02/11/2024 13:51

scruff1,
I will never shut up about brexit until you and your cohorts have the guts to admit you made mistake voting for self harm !

[arja] 02/11/2024 13:48

scruff1,
at last a Tory who tells the truth and saying Reeves has made a good start . TAKE NOTE sport !

Kwasi Kwarteng: Being sacked was humiliating – now Reeves is cleaning up our mess

[gotnorolex] 02/11/2024 11:58

Hats off to you scruff, for that utterly fair comment!

[careful] 02/11/2024 11:46

Such a low voter turnout.
130,000 members of tory party have always been a threat to democracy.
Their power to choose leaders or de select MP's who do not obey them is not democratic.
The Tory Party constitution needs changing, once elected MP's represent millions, they should not be controlled by so few.

I hope Badenoch is given her chance and is not replaced before the next election.

[gotnorolex] 02/11/2024 11:30

Badenoch is new leader of the Conservatives!

[freddie01] 02/11/2024 11:06

Money laundering most likely.

[xxxxxy] 02/11/2024 11:01

SIR – We have been manufacturing farm machinery since 1847, employing about 60 skilled engineers. We are owned by our workforce.Turning over about £10?million, we manage to squeeze out a profit every year, and invest heavily in development, which is why we are still in business.The Budget will increase our employment costs (report, November 1) by £50,000 a year – that's money straight off the bottom line, which HMRC cannot take 25 per cent from by way of corporation tax.Our decision to invest in a new machining centre has now been put on ice, and we await the fallout from our customers, all of whom are farmers. Add to this business rates, ridiculous health and safety requirements, crippling final salary pension fund rules, the price of electricity, and the general interference from government in so many aspects of running a private company, and is it any wonder that manufacturing in the UK is on its knees?In the 47 years I have been a director of the company, I cannot remember having to face such an uncertain future.Anthony BoneChairman, Standen Engineering LtdEly, Cambridgeshire...Daily Telegraph

[scruff1] 02/11/2024 10:26

Tricky
Three barbers on your parade ??? They each have 6 barbers in em?? Does hair grow quick in Nottingham or is it the constant diet of curry and kebabs? Or perhaps Kamal the Cut and friends have other business and mowing your mullet is a bit of side line so to speak

[alotto] 02/11/2024 09:50

Thanks skinny
That's interesting and I want aware of the panorama scandal.
I'll read more later in the day

[costa calida bantam] 02/11/2024 09:39

scruff11 Nov '24 - 19:09 - 398528 of 398538
0 4 0
Looks like the Telegraph is sharing my opinion that this communist government is aiming to destroy the private sector and move towards total state control of employment. Who can stop them in the next 4.5 years? As far as I can see a large number of farms have gone - they are asset rich but the kids wont have anywhere near the liquidity to retain them. State controlled food production beckons. I wonder if any farmers voted Labour.


Said exactly the same thing to my wife on budget day .Only one way all this is going with this bunch in charge.