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Evening Standard
Evening Standard
National
Anna Wise

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

Lloyds FCA Financial Conduct Authority Rachel Reeves
Backlash against the UK financial watchdog’s plans to compensate people mis-sold a car loan is growing (Steve Parsons/PA) - (PA Archive)

Concerns about the UK financial watchdog’s plans to compensate people mis-sold a car loan have grown, after Lloyds Banking Group warned it was facing a bill of nearly £2 billion over the issue.

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

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