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EXPLAINED: 5 | Vintage Vibes

Why are banks criticising the car finance redress scheme and what happens next?

The PA news agency looks at what banks have said about the proposed scheme.

Evening Standard

Plea as south London neighbourhood faces losing its last bank branch

Lloyds Bank on Majestic Way is due to close in January 2026, marking the end of in-person banking in Mitcham

Evening Standard

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 claims

The Guardian - UK

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Lloyds earnings slide by 36% after motor finance hit

The bank reported a pre-tax profit of £1.2 billion between July and September.

Evening Standard

FTSE 100 Live 23 October: Index near record, results boost for Rentokil and LSEG

Lloyds Banking Group and Unilever are among the companies in the spotlight amid a busy session for FTSE 100 updates.

Evening Standard

Amazon fixes huge AWS outage that broke much of the internet – here's what happened

A huge AWS (Amazon Web Services) outage took out dozens of apps and services yesterday –here's what happened.

TechRadar

MPs question why key parts of IT infrastructure is hosted abroad after AWS outage

Major banks, gaming platforms and HMRC were among sites affected by Amazon Web Services’ fault

The Independent UK

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MPs ask why key parts of UK IT infrastructure is hosted abroad after AWS outage

Major banks, HMRC, gaming platforms Roblox and Fortnite were among sites affected by Amazon Web Services’ fault.

Evening Standard

AWS outage: All the services affected as Amazon Web Services disruption sparks global chaos

The cloud computing platform that powers millions of websites and apps, is experiencing a major outage affecting a wide range of services, including online banking, social media, gaming, and smart home devices

Evening Standard

US auto giant sounds the alarm about $1.6b problem after driver perk was axed

The company said it is bracing for additional hits as it shifts strategy

The Independent UK

Close Brothers nearly doubles expected bill for car loan redress to £300m

The banking group told investors it was adding around £135 million to its existing £165 million provision.

Evening Standard

Lloyds challenges car loan compensation bill as it warns of £2bn hit

The high street banking giant raised concerns about the Financial Conduct Authority’s calculations for how much consumers lost out.

Evening Standard

Lloyds warns motor finance scandal could cost it nearly £2bn as bill rises

Banking group puts aside extra £800m for compensation claims amid potential for more ‘historical cases’

The Guardian - UK

Lloyds lifts motor finance provision to almost £2 billion

Lloyds, the biggest player in the motor finance sector through its Black Horse division, had already put aside £1.15 billion

Evening Standard

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Evening Standard

Lloyds warns car finance compensation scheme could cost it nearly £2bn

The banking group said it was expecting there to be a higher number of historical motor finance agreements that are eligible for redress.

The Independent UK

Lloyds warns car finance compensation could cost it nearly £2bn due to historic cases

Most of the car finance deals covered by the FCA’s scheme involve DCAs

Evening Standard

FTSE 100 Live 13 October: Lloyds shares up despite new provision, miners lift index

Lloyds Banking Group today made a big increase to the amount it will need to cover motor finance mis-selling compensation.

Evening Standard

Lloyds to put chief executive and all top bosses through six-month AI course

Around 300 senior managers across the banking group are expected to take part in the bespoke programme.

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The Independent UK

The UK cities where buying a home with a 5% deposit could be less expensive than renting

The analysis compared typical monthly rental costs with potential first-time buyer mortgage payments

Evening Standard

The cities where buying a home with a 5% deposit could work out cheaper than renting

Lloyds compared typical monthly rental costs with potential first-time buyer mortgage payments in 11 major cities.

Evening Standard

FTSE 100 falls from record highs as Lloyds and HSBC struggle

The FTSE 250 ended up 11 points, 0.1%, at 22,052.83.

Evening Standard

Lenders warn of bigger hit to finances from £11bn car loan compensation plan

Lloyds Banking Group and Close Brothers both said they were expecting to have to put aside more money to cover costs related to the mis-selling saga.

The Guardian - UK

Lloyds says it is facing greater hit than expected from car loan finance scandal

Banking group predicts bill will top £1.2bn it has set aside, as Close Brothers also says it expects to pay more

Evening Standard

Lloyds warns of ‘material’ extra provision needed for car finance payouts

Lloyds has significant exposure to the car finance industry.

Evening Standard

FTSE 100 Live 09 October: HSBC and Lloyds weigh on index, top banker issues warning

Lloyds Banking Group today warned an additional provision in relation to motor finance mis-selling compensation may be material.

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