Lloyds Banking Share Discussion Threads

[mikemichael2] 01/11/2024 10:21

The Ploppolator1 Nov '24 - 08:52 - 398505 of 398508

very good reasons why not

------------------

OK, I'm ready, why not??

[halfpenny] 01/11/2024 09:57

Look at the Close Brothers up 5% plus.
What do they know to be positive!!

Black Horse 60p share price can happen soon so Get On The Train

[halfpenny] 01/11/2024 09:53

Black Horse Strength as further RISES AHEAD..

CHARTIST SEES 60p

Get ready as oversold with target 60p plus

Just added a head to take advantage as the Black Horse Gallops Ahead...Go Go Go!
RNS flow with great news.

[scruff1] 01/11/2024 08:52

Yep. And trash the place if they drag you off to a home. Better still blow it up with fireworks.

[the ploppolator] 01/11/2024 08:52

very good reasons why not

[mikemichael2] 01/11/2024 08:44

I'm thinking of doing equity release on our 450k house, why not???

[utrickytrees] 01/11/2024 08:28

This lot are dangerous and all their supporters are too thick to understand why

[xxxxxy] 31/10/2024 22:46

Will the last one to leave turn the lights off?October 29, 2024 133 CommentsI struck up a conversation on Thursday with a local entrepreneur who had set up a successful company. He had made his own way in the world without inherited wealth and now wanted a good future for his family.He told me he had opened an office in Dubai and could use modern computing and communications to run it from there. As a result last week was to be his last week in the U.K. He decided his business and his family have a better future in Dubai.When I asked him why, the tax and regulatory attacks of recent weeks were clearly the last straw. He felt the government does not value or want people like him in the U.K. In Dubai he finds a positive approach to business success, lower taxes and sensible regulations.I hear on the media that there are many successful strivers thinking like this, and  hear Dubai is just one of several locations making a good pitch to attract U.K. business and talent.The world does not owe us a living. We are not so full of entrepreneurial energy that we can deter and export it in large quantities. Many of the so called rich are hard working, providing the rest of us with goods and services we need. Who will provide all these if we attack self employment and small companies, overtax employment and take away profits and gains?...John Redwood

[xxxxxy] 31/10/2024 22:02

Michael Fallasjust Interest on our £2.8 Trillion is reportedly already £120 to £150 BILLION A YEAR.Utter madness.It will soon be as much as we spend on the NHS at this rate. Already more then half I believe....Daily Telegraph

[xxxxxy] 31/10/2024 21:57

https://globalbritain.co.uk/when-a-picture-tells-a-thousand-words/

[cobourg1] 31/10/2024 21:56

(6:49 PM today. For those who can't access the online Telegraph I have edited the article trying to leave relevant bits in. I am hoping that common sense will finally prevail and it will be realised that this Court of Appeal Judgement can't be allowed to stand as it will also cause chaos in multiple unrelated credit areas. I can see why the Treasury are panicking. cobourg)


The Government confirmed on Thursday it was ramping up efforts to stem the crisis, saying it was working closely with regulators and the industry to “understand the impact” of the judgement.

Treasury officials are understood to have held calls with bank representatives on Thursday afternoon to discuss the implications of the ruling.

It follows an urgent meeting between the Treasury, the Financial Conduct Authority and the Finance and Leasing Association, which represents lenders, on Tuesday.



Car dealers generally receive commissions from banks or other lenders when they act as middlemen to sell vehicles to customers using financing arrangements.

The level of commission is often baked into the rates of interest charged but is often not itemised.

The Court of Appeals ruling threatens to upend this business model because it found that deals were illegal unless the level of commission had been fully disclosed.




‘Regulator has utterly lost control’

Mr Samani said some dealers had been told by customers they did not want to pay a commission, leaving them without a loan and unable to buy the car.





Law firms have been gathering up potential claimants for years, with one claiming that it already has more than 1m clients waiting to seek compensation.

On Thursday, one senior car industry executive warned that if all commission paid on car finance deals over the past 20 years was now repayable, it would be “a potential market failure situation”.

They added: “You would be looking at a situation where no one would want to provide car finance – or be able to.

“The regulator has completely and utterly lost control.”

‘Rip-off’ car finance deals
The Court of Appeal judgement is likely to open the floodgates for a PPI-style claim rush across the UK.

Darren Smith, managing director of Courmacs Legal, said lenders could face “30m to 40m” claims over mis-sold car finance after the ruling, possibly outstripping the payment protection insurance (PPI) mis-selling scandal. In total, over 32m complaints were made to firms about PPI.

Mr Smith said: “In theory, it could be bigger.”

Courmacs alone has around 1.4m claims on its books, making it the largest book of motor finance claims in the UK. It was pursuing claims under a narrower ruling made by the Financial Ombudsman about “rip-off” car finance deals arranged by brokers.

However, last week’s Court of Appeal decision has widened the scope of potential claims, said Mr Smith.

“The period of time people can claim for is open-ended. You can go back further and it covers fixed fees and other products arranged at the time of finance,” he said.

“We see agreements with warranty for the finance, tyre protection, windscreen cover, paint, protection, all sorts of add ons. If I’m cynical, it was clearly in the car dealer’s interest to sell those extra products.”

‘Concerns over liquidity of lenders’
Coby Benson, a lawyer at Bott and Co, said his firm had around 75,000 motor finance claims on his books, which he said could cost in excess of £100m alone if the Court of Appeal ruling held.

He said: “Before [the ruling] I thought this was going to be the second biggest mis-selling scandal that the country has ever seen, second only to PPI. Now I think it’s getting much closer and it has the potential to be larger.

“You’re talking tens of billions of pounds potentially out there to claim if this judgement stands,

AND THE JUDGEMENT DOESN'T JUST APPLY TO MOTOR FINANCE. IT APPLIES IN THEORY TO ANY CREDIT BROKER.

“There’ll be concerns over the liquidity of lenders at that point, and that’s not a good position to be in.”

The Court of Appeal refused an appeal on the case and lenders must now ask the Supreme Court to hear the case.

Only 30pc of petitions are accepted by the Supreme Court – meaning the law could stand.

City investors are bracing for the impact of the judgement on the finances of lenders.

Analysts at Royal Bank of Canada warned the ruling meant banks would have to pay higher levels of compensation than anticipated.

For Lloyds Banking Group, RBC said the redress scheme could cost it around £3.2bn – much more than the £2.5bn it originally forecast.

The bank could be forced to halve its buyback plan, from £2bn to £1bn, to preserve cash on its balance sheet, analysts said.

[xxxxxy] 31/10/2024 21:34

https://www.royalmint.com/diversify/Scroll to graph...have a ponder....Truth makes a point.The value of the pound is going down the pan...smoke and mirrors and Animal Farm.Reality...suggest supporting Reform.

[xxxxxy] 31/10/2024 21:33

The aftermath of the budget will make for a scary Halloween for Robber Reeves. Over the past three days, the Sterling is down by 1.2% – the biggest fall in more than 18 months. Meanwhile UK 10 year gilt yields are up 4.488%, a full percentage point higher than the day after Truss' Budget. As Sky's Ed Conway was saying just now, the markets are reacting in a "violent way"...order order ..William ButlerSit back, hold on tight and enjoy the showYou are about to see some inflation on a scale not seen since the 1970s.Our elite 'know it all's' in the Tories and Labour Party have maxed out our Nations credit card & sold off all of our Family JewelleryWe're stony Broke.So they rigged the Credit card system to borrow some moreAnd no one wants to lend our UK a Red cent. Remember Today our GB£ is worth just 2p of a 1970 £1 noteback then a blue collar worker was on £25 /week & GoId was £15 an ounce With dear Rachael and our £ in freefall, it's going to lose lots moreTime for a General Election...order order ..

[stonedyou] 31/10/2024 21:05

Lloyds Banking Group may forced to half £2bn buyback after motor finance setback


Lloyds Banking Group PLC (LSE:LLOY) may be forced to cut in
half a £2 billion share buyback next year following last week's
adverse Court of Appeal decision on motor finance.

The ruling, which found motor dealers had failed to act in the
best interest of customers, has led analysts at RBC Capital to
revise upward their financial exposure estimates for five
banks by almost £1.3 billion, with the black horse bank
bearing the brunt of the increased liability.
Its bill is estimated by the abacus rattlers to be an eye- watering £3.2 billion, up from £2.5 billion previously.
Santander UK will also feel significant effects, with its costs
increasing to £1.4 billion from £1.1 billion.
The Bank of Ireland, Barclays, and Close Brothers Group face more modest increases in exposure, amounting to €950 million (previously €750 million), £400 million (previously
£360 million), and £320 million (previously £250 million),
respectively.
The aggregate rise in financial exposure comes as banks are
forced to reconsider their risk models in light of the Court's
ruling.
Lloyds is particularly vulnerable given its large motor finance
book, which underpins the bulk of the sector's liabilities.
RBC's analysis suggests that the revised estimates have
implications for the capital strategies of these banks.
Close Brothers Group, for example, is expected to slow down
its motor book lending by 10% in the coming years to
preserve capital, while it aims to re-start dividend payments
by 2026.
This latest development is expected to delay the Financial
Conduct Authority's review into discretionary commissions in motor finance, which was initially slated for May 2025.
The Court of Appeal's judgement has raised questions over whether these regulations could be extended to other types
of finance and whether banks would be compelled to return
all commissions to borrowers.
Analysts have highlighted that uncertainty will persist until a
Supreme Court appeal is heard, and any FCA response is
announced, likely extending the regulatory limbo into late
next year.
Barclays appears to be the least affected among the major
players, with its estimated impact remaining relatively low at
£400 million.

[scruff1] 31/10/2024 20:52

This bunch of students communist society are out to create their utopia. Cut out the private businesses and reward government lackeys. If the budget yesterday didn't back me up I don't know what would. It's almost childlike in its transparency

[huncher] 31/10/2024 20:21

Not talking up their own of course - pre budget impact, lets see here it really goes from here.