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Pin to quick picksLloyds Share News (LLOY)

Share Price Information for Lloyds (LLOY)

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Share Price: 52.80
Bid: 52.80
Ask: 52.82
Change: 0.90 (1.73%)
Spread: 0.02 (0.038%)
Open: 52.10
High: 52.80
Low: 52.10
Prev. Close: 51.90
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OFT drops action on bank charges

Tue, 22nd Dec 2009 07:09

The Office of Fair Trading has decided to drop its action to curb bank charges after last month's ruling by the Supreme Court in favour of the banks.'The Supreme Court judgment was not the outcome we had hoped for and was disappointing for many bank customers. Having now considered in detail all the options available to us in light of the judgment, we have decided not to continue what would be a narrow investigation with limited prospects of success," John Fingleton, the OFT chief executive said.He added, however, that the OFT remains 'deeply concerned that the market for personal current accounts is not working well for consumers and does not give banks sufficient incentives to compete.'The OFT statement added that a number of other options are available to secure the changes it wants to see, ranging from voluntary action to legislative change.'The OFT will now discuss these issues intensively with banks, consumer groups and other organisations, with the aim of reporting on progress by the end of March 2010,' it said.The banks and the OFT agreed to stage a legal test case in July 2007, to decide if the OFT had the powers to rule on the fairness of bank charges. This followed rising complaints about the scale of charges for unauthorised overdrafts and a flood of legal claims against the banks.Going overdrawn without agreement, even for a second, can cost £35 and is said to generate £2.6bn of revenue a year for banks and subsidises free banking for other consumers.The High Court and Appeal Court sided with the OFT, but the Supreme Court ruled that the Unfair Terms in Consumer Contract Regulations Act did not give the OFT the power to intervene.It ruled that overdraft charges were part of the price that customers agreed to pay for the package of services their banks provided, and as such were excluded from the scope of the regulations.
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29 Jan 2024 11:31

Lloyds to scrap mobile bank branches as moves towards online banking

(Alliance News) - Lloyds Banking Group PLC is shutting down its mobile banking service this year, after revealing plans to shed 1,600 jobs across its branch network as it moves ahead in the shift towards online banking.

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25 Jan 2024 14:41

Lloyds Banking Group to cut 1,600 jobs across branch network

(Sharecast News) - Lloyds Banking Group said on Thursday that it will cut around 1,600 jobs across branches as it continues to shift its focus to online banking.

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25 Jan 2024 10:36

BoE says 'ring fencing' capital rules for retail banks need no big overhaul

LONDON, Jan 25 (Reuters) - The Bank of England said on Thursday that its rules requiring banks to "ring fence" their retail arms with bespoke buffers of capital have worked satisfactorily with no major overhaul needed.

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25 Jan 2024 10:05

Bank of England says 'ring fencing' capital rules for retail banks need no major overhaul

LONDON, Jan 25 (Reuters) - The Bank of England said on Thursday that its rules requiring banks to "ring fence" their retail arms with bespoke buffers of capital have worked "satisfactorily" with no major overhaul needed.

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23 Jan 2024 12:37

UK Chancellor Hunt meets top UK bank heads over plans to boost City

(Alliance News) - Jeremy Hunt has met the UK's biggest banks as part of efforts among the government to boost interest in the City.

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23 Jan 2024 09:21

LONDON BROKER RATINGS: HSBC cuts Compass; Berenberg lowers Victrex

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday:

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22 Jan 2024 08:34

LONDON MARKET OPEN: FTSE 100 follows New York into the green

(Alliance News) - Stock prices in London opened higher on Monday, propelled by gains on Wall Street at the end of last week.

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18 Jan 2024 14:33

Britain's finance minister Hunt to quiz bank bosses on UK lending

LONDON, Jan 18 (Reuters) - Britain's finance minister Jeremy Hunt will meet the bosses of top British banks next Tuesday to seek reassurance they can keep lending to the economy, four sources familiar with the matter said on Thursday.

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17 Jan 2024 12:00

LONDON MARKET MIDDAY: UK inflation uptick, weak China data hits stocks

(Alliance News) - Stock prices in London were lower at midday Wednesday, as hotter-than-expected UK inflation data served as a setback to early rate cut expectations.

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15 Jan 2024 16:57

LONDON MARKET CLOSE: Sluggish stocks slip back in absence of US spur

(Alliance News) - Stocks in London were marked lower on Monday with the lack of direction from Wall Street, with US markets closed, adding to the subdued mood.

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11 Jan 2024 17:03

M&S shares, Wall Street sell-off drag FTSE lower

U.S. inflation data sparks selloff

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11 Jan 2024 11:36

UK finance watchdog probes possible motor finance misconduct

LONDON, Jan 11 (Reuters) - Britain's finance watchdog said on Thursday it would start looking into the motor finance industry, amid rising tensions between thousands of consumers and finance providers about commission arrangements.

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11 Jan 2024 09:26

TOP NEWS: Big Yellow rent hike saves revenue from decreased occupancy

(Alliance News) - Big Yellow Group PLC on Thursday said that revenue and lettable area had increased despite occupancy dropping during the "seasonally weaker third quarter".

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4 Jan 2024 12:56

Royal London tabling bid to buy bulk annuities from Lloyds - report

(Sharecast News) - Life insurance, pensions and investments group Royal London is in discussions to purchase Scottish Widows' bulk annuities arm, according to Sky News.

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2 Jan 2024 22:01

Top-rated US companies raise over $29 billion in new-year bond supply rush

Jan 2 (Reuters) - Top-rated U.S. companies raised over $29 billion in debt on Tuesday, giving the corporate bond market a strong start to the new year, as the companies tapped demand from investors anticipating lower interest rates later this year.

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