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Lloyds and Close Brothers face significant scrutiny as the UK's Supreme Court hears a case regarding motor finance mis-selling, which could lead to substantial compensation claims for borrowers due to undisclosed commissions. Analysts estimate Lloyds may need to set aside up to £6 billion, with current provisions at £1.2 billion and expected additional charges of £1.3 billion. The outcome, anticipated in several months, could impact multiple lenders in the sector.
Loyal savers at Barclays and Lloyds Bank are urged to reassess their savings accounts, as many are missing out on better interest rates amid rising inflation. With some easy-access accounts offering as low as 1%, switching to more competitive options could yield significantly higher returns, potentially increasing earnings from £100 to £300 annually on a £10,000 deposit. As the new tax year approaches, several providers have enhanced their rates, making it crucial for savers to explore their options and maximize their savings potential.
Vanquis Banking Group plc
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Supreme Court hears motor finance case with major implications for lenders
British Pound Sterling
Secure Trust Bank PLC
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Lloyds Banking Group plc
Close Brothers Group plc
Banco Santander, S.A.
Vanquis Banking Group plc
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Matt Britzman
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09:30 01.04.2025
loyal savers urged to switch accounts for better interest rates
British Pound Sterling
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Lloyds Banking Group plc
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GBR
Rachel Springall
Matthew Parden
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15:25 27.03.2025
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