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Lloyds profits plunge 36% as it feels impact of UK car finance scandal

Bank’s drop in quarterly earnings comes after it put aside further £800m to cover expected wave of driver claimsLloyds Banking Group profits have been sent plunging by more than a third by the car loans commission scandal, as the lender steels itself for a surge in compensation payouts to drivers.The high street bank took the 36% hit in the third quarter after putting aside a further £800m to cover the prospective costs of a redress scheme proposed by the Financial Conduct Authority (FCA). Continue reading...

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