Lloyds sets aside £450m for motor finance probe

An investigation into whether people paid too much interest to buy car deals was launched last month.
Lloyds sets aside £450m for motor finance probe
Lloyds BankGetty Images

Banking giant Lloyds has set aside £450m to cover the potential cost of an investigation into car finance deals by the UK’s financial regulator.

A probe into whether people had been paying too much for cars was launched by the Financial Conduct Authority last month.

Brokers who arranged car financing earned commission on the interest rates that they set for customers.

Lloyds announced the figure as it announced a big rise in annual profits.

The bank said pre-tax profits jumped to £7.5bn last year, which was higher than expected and up 57% from the year before.

Source: bbc.co.uk

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