Lloyds Slammed with £1.2bn Bill in Car Finance Scandal as Profits Plummet 20%
2025-02-20
This Is Money
Lloyds Banking Group, under the leadership of Charlie Nunn, has set aside an additional £700m for compensation, bringing the total to £1.2bn, amidst the escalating 'PPI on wheels' car finance scandal. This significant provision comes as the bank's profits have taken a hit, tumbling by 20%. The move is expected to impact the bank's financials, with the car finance scandal being likened to the infamous PPI mis-selling scandal. As the bank navigates this challenging period, it faces increased scrutiny over its lending practices, with consumer finance and personal finance experts calling for greater transparency and accountability. Key terms: car finance scandal, PPI claims, consumer finance
