Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Thanks Hard 👍
Porsche 1946, first thing that needs to happen is to boot out the Tories.
Great watching them tearing themselves apart.
It was ever thus, unfortunately they have dragged down the country down into a bottomless hole of debt.
2024 is the year of our salvation, under Labour.
Seany...."Where you read this SUFC?"
https://www.cityam.com/lloyds-and-close-brothers-shares-drop-as-fca-motor-finance-review-looms/
"However, analysts have noted that the sector is less exposed in the case of motor finance and banks have not benefitted from discretionary commissions.
“While £225bn of motor finance was originated between 2014-20, refunds will likely be limited to ‘excess’ interest payments, capping redress across the industry at c.£10bn on our estimates,” said Numis analysts.
“It could also be somewhat lower and, unlike PPI, much of the cost will fall outside of the listed domestic banks sector.”
Lloyds Banking Group PLC (LSE:LLOY) can still be one of the highest yield shares in its sector, even amidst the increased risk in its motor finance businesses, that’s according to analysts at Citibank.
Citi’s London-based analysts today issued a note, after updating their model for Lloyds, and said that Lloyds' motor finance business faces ‘redress risk’ which would potentially eat into cash that would otherwise be spent buying back Lloyds shares.
“Nonetheless, the all-in yield would still be around 17% for 2024, one of the highest in the sector, the NIM [net interest margin] looks set to inflect from 2Q24, and [the] valuation still screens as cheap,” Citi analyst Andrew Coombs said in the note.
Citi rates the FTSE 100 constituent banking share as a ‘buy’.
The UK’s Financial Conduct Authority (FCA) last week launched a probe into historic discretionary commissions in the UK’s motor finance market after finding customers continue to lose out.
After banning models linking brokers’ commission to interest rates charged to customers for motor finance in 2021, the FCA said many were now struggling to claim compensation. Despite a “high number of complaints”, the FCA said, “firms are rejecting most complaints because they consider that they have not acted unfairly”.
Lloyds was subsequently identified by City brokers as one of the most exposed to any potential fallout depending on the investigation's findings.
Analysts at Barclays have analysed the comments from the regulator and believe that it raises the possibility of compensation being paid the banks. While uncertainty is “high”, it suggests a potential provision range of £0.5-£1.0 billion for Lloyds.
https://www.proactiveinvestors.co.uk/companies/news/1038672/lloyds-tipped-to-retain-one-of-best-yields-for-investors-despite-motor-finance-risk-1038672.html
Totally agree, this is the only way shareholders will get any value now, otherwise it will be a slow lingering demise.
Lex and Tusker will have used/use Credit Sale Agreements (CSA's) for ECO and SalSac. But as it's B2B , the End User business that has brokered/introduced the driver is highly unlikley to have taken a commission. So exposure is low IMHO.
That won't stop this Donkey Boss rolling over and paying out i bet.
Where you read this SUFC?
Porsche 1946
Aint you the one that lives in basket case EU? Blair fanboy?
How's the recession?
However, analysts have noted that the banking Sector is less exposed in the case of motor finance and banks have not benefitted from discretionary commissions.
It isn't a fine, £1 Billion is the top end estimated compensation total attributed to Lloyds. As far as paying compensation, it should be really easy as long as records still exist. Usually this sort of claim is time barred to 6 years, but claimants could say they've only just found out about this, raising the possibility that pre 2015 claimants might be able to win their claim if records still exist. Banks apparently only keep records for 7 years and Brokers are only required to carry records for 6 years, as the statute of limitations is 6 years, so for someone to be able to claim further back I suspect the burden of proof will fall on the individual making the claim. I don't use things like HP and PCP, but I'd probably have scrapped any paperwork once the car was gone or the loan paid off, so any claimants who paid off their loan pre 2015 will probably have to supply their paperwork.
"Can I still bring a claim if I don’t have the PCP sales agreement?
Lenders must keep records of all their customers’ transactions and dealings for at least 6 years. Under UK data law you are entitled a copy of the sales agreement and supporting documentation and we can make a data subject access request (DSAR) to obtain this documentation for you."
https://pcpclaimservices.co.uk/faq/
Break up, sell up, hurry up!!
*ppi
Don’t forget the cost of admin in relation to the claims. Lloyds had to hire an army to process the poi claims, will be a significant cost no doubt
Shares tend to be expensive when it's a rosy outlook. So decided to add another batch whilst it's not so rosy.
Hopefully things won't get as bad as they could be.
This lame donkey needs a long rest, Not keen on buybacks but If 2 Billion is set aside that's going to be another 5 billion shares of the register
*News is emerging that the company could face a £1bn fine as the Financial Conduct Authority investigates practices around motor loan commissions."
Are we saying a £1b fine is in addition to the cost of compensating the claimants?
Hardup
There be snake/s . Put a song on cheer us all up, Wot
Hope you can buy in 10 pence in the future cause there s nothing more left to say but one mo///r f//king s//t shares what a brilliant start to 2024
O.K
Own up who was Mr Gutless ?
"Don't tell em your name Pike"
Well who invests in shxtty U.K. banks expecting to do well? They are capital destructive rubbish as is most of ftse 100, chasing dividends to lose half your capital. Brexit basket case U.K…net outflows every year since 2016 so nobody to buy the shares….and who wants to invest in a depreciating currency either, selling dollars to buy terminal sterling? Get real you 🤡’s. These are going sub .25p. U.K. is in real trouble, expect an imf bailout within a year.
Wonder why the banking sector can never be trusted f//king 42.00 just one f//king big insult
one s//t company this year we cannot make any profit because we had to set aside blur blur blur we conned the people in the car finance companys but it was not our fault f//king from 48 for 10 days back to where we started just another kick in the *******s this is one f//king messed up company lies lies lies f//ing robbers i bet it stays like this f//king for months and months we had to keep aside blur blur blur because we can w//kers
Really China’s next big export?
https://www.ft.com/content/ccb13d73-f875-43a8-89c7-9d4a611588cb
from one extreme to another....
DYOR
Wow!! How much does the market hate Lloyds Banking Group!! Unbelievably horrible share to own!
Sub 40p?
It's just a sneeze away it seems! :)