Lloyds Banking Share Discussion Threads

[scruff1] 13/11/2024 12:08

carpet
The BoD all have lots of cars !

[freddie01] 13/11/2024 12:01

It'll drop back as usual.

[car1pet] 13/11/2024 11:34

Given the negative news on earlier posts on this board why is the share price rising today?

[hardup1] 13/11/2024 10:48

From todays FT.

Reeves seeks reform of UK consumer redress in the financial services sector.

Chancellor Rachel Reeves will on Thursday call for an overhaul of the UK system for consumer redress in the financial services sector, as lenders brace for a potential multibillion pound bill for alleged mis-selling of car finance.

Reeves wants to modernise the operation of the Financial Ombudsman Service (FOS) to give consumers and businesses more clarity about the compensation landscape in future, according to allies of the chancellor.

She will use her Mansion House speech on Thursday to promise stability as she attempts to reassure her City of London audience that she has a clear economic growth strategy following her £40bn tax-raising Budget.

The role of the FOS in major City compensation cases has been under scrutiny in the Treasury for months, but Reeves’ allies said the need for reform had been brought into stark relief by recent turmoil in the car finance sector.

The FOS has taken a consumer-friendly stance on complaints over alleged mis-selling of car finance that has put the Financial Conduct Authority, the chief UK financial regulator, on the back foot, and threatened to leave banks exposed to compensation claims worth billions of pounds.

To read the full article go to this link

[alphorn] 13/11/2024 10:43

The UK is really accident prone to these issues - Endowments, PPI etc etc.

The monitoring always occurs after the event.

[suetballs] 13/11/2024 09:59

No apology from the FCA then for their part in this.
Suet

[careful] 13/11/2024 09:45

Good article in Telegraph by Ambrose Evans Pritchard.
Trump will not want to trigger inflation and spook the bond markets.

As Starmer and Boris's glorious Brexit has shown, promise anything to win the votes.
Then reality rears its ugly head.
They never deliver.

If you want to stay a legend, keep away from power and just talk.
Yes, Nigel I was thinking of you.

[careful] 13/11/2024 09:19

Britain will cosy up to like minded socialist EU. states.
We have a socialist government for 4.5 years, remember.

Starmer will still be in power when Trump becomes a lame duck president in about 3 years time.

[scruff1] 13/11/2024 09:19

Lawyers win again

[jordaggy] 13/11/2024 09:05

HUGE CAR FINANCE NEWS: (pls share) Now most people who’ve had any type of it are being urged to complain – doubling the numbers.

Minutes ago, the regulator, The FCA, announced it's consulting for two weeks (so quick, it's a likely done deal) on extending the time firms have to handle motor finance commission complaints. This is on the back of a Court of Appeal ruling a couple of weeks ago and the extension is to incorporate a potential Supreme Court decision.

- The Key Bit: While not specified in its announcement, I've had it confirmed this applies to ALL car finance commission complaints, not just the Discretionary Commission Arrangements (DCAs) complaints previously covered.

- What this means: It signals that the FCA is paving the ground to in future broaden the scope of its car finance investigation, so not only at the 40% of past claims that had DCAs (where dealers could increase their commission by increasing interest) but all commissions including fixed commissions.

This is on the back of the Court of Appeal ruled 'consumers need to know all material facts including the amount of commission' which they often weren't told even in fixed commission cases.

It looks like (I need to dig) if the hold is extended, almost everyone who has had car finance deals may have a complaint (I need to examine timelines of what counts) and be potentially due money back (this includes those already rejected as they were told they 'didn't have a DCA')

This potentially more than doubles the number of people involved, and would really start to look more like PPI scale of payouts (and a substantial threat to the car finance industry)

- What should people do: The FCA will suggest people log their complaints sooner including fixed commission complaints, in order to avoid missing out due to a potential time bar. I will work with my MSE team to expand our MoneySavingExpert free complaints (that's already had 2.5m complaints through it) to help the new cohort of people who may be able to complain.

- What will the outcome be: I think this makes it more likely that DCA commission cases will get future payouts. For 'fixed' commissions, this isn’t about the FCA, it all strongly swings on if the Supreme Court upholds the Court of Appeal ruling (assuming it accepts the appeal to it, which the FCA has urged it to do, and to do at speed). That’s the key to if the FCA will broaden its scope.

These are provisional first thoughts, bashed out at speed, obviously there's more work to do, but it is big.

[gotnorolex] 13/11/2024 08:56

"Trump will lose the Battle for Britain" to whom?

[kgeals] 13/11/2024 08:29

Martin Lewis getting very excited about SC judgement and refusal to appeal.

[kenbos] 13/11/2024 08:10

Have to agree with you

[min ping] 13/11/2024 07:58

if it was down to arja, we would be a utopia for penniless criminals from the middle east and africa welcoming them in all day every day

fking idiot

[jubberjim] 13/11/2024 07:38

Expect this to take another hit today

This share is bad for blood pressure

[scruff1] 12/11/2024 21:56

Reform have to prove they are up to the challenge of being good politicians. Talk is cheap and easy. I have not yet heard anyone able to update me on their promised private prosecution of the Airport thugs. If Trump said he was going to then it would be done by now or at least we would have been updated on progress. Nowt from Farage, Tice or Anderson. Couldnt tell you the names of the other two. Was it all boast and talk? Up to now it was so my support for them is on hold same as the Tories. Never again will I give my vote unconditionally to insincere windbags.

[xxxxxy] 12/11/2024 21:37

https://www.telegraph.co.uk/news/2024/11/12/my-visit-from-police-is-proof-of-two-tier-justice-system/