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So HSBC post record profits, up 70%+, and the share price tanks -7%?

Chid......" has virtually no exposure." = does have exposure. 👌

So the Financial Conduct Authority has appointed a third-party independent expert to investigate the Car Finance issues. Well I hope this independent "expert" covers all bases including looking at the involvement of the FCA over all the years in question and highlighting any failings/shortcomings on their part which allowed this to happen. I believe the FCA audit all companies with FCA Authorisation either every 6 months, or once a year, depending on what level of Authorisation they have, by way of them having to submit reports with specimens of relevant documentation, procedures, contracts etc for scrutiny, to make sure they are complying with the requirements of the CCA and CONC. Any found to be not complying will have their Authorisation withdrawn. They appear to have been asleep on watch, by not picking up on this discretionary commission arrangement practices years ago through these submissions/reports by the companies in question.

I think the BOD are between a rock and a hard place regarding should they comment on the Lloyds exposure to Car Finance in the Final Results on Thursday, Lloyds will be damned if they do and damned if they don't by the Market.

"Barclays surging, Lloyds down."

Another normal day at the office. 😎

Waste of time. It's just a run through commentary of the results presentation followed by Q&A which always seems to generate the same questions such as "when will we get our withheld 2019 dividend" etc etc.

STP......."I quite like Martin Lewis."

Are you a sausage jockey?

Skier1.....what do you base your guess of £5 - 30b in total cost for the industry?

Https://ukinvestormagazine.co.uk/lloyds-shares-q4-and-full-year-earnings-preview/?

The obligation for disclosing the existence and nature of any commission falls squarely upon the dealership/broker, but they are not obliged to say how much commission unless asked by the customer.

The FCA’s final findings from its exploratory work on motor finance showed that many firms were not disclosing commission in line with regulatory expectations. As a result, from 28 January 2021 the FCA implemented changes to its commission disclosure rules to make them clearer. These changes require firms to disclose the “existence and nature of commission or fee or other remuneration payable” but not the amount, unless asked for by the customer.

2. Pre-contractual information (CONC 4.5.3-4) – the broker/dealer should disclose to the customer the existence and nature of any commission arrangement with a lender and how this may affect the amounts payable by the customer. They should disclose this prominently and in good time before the customer decides whether to proceed with their agreement. No individually tailored disclosure is required for each customer.

Disclosures should be fully documented (in writing) to help any future compliance audits.

https://www.specialistautomotivefinance.org.uk/resources/commission-and-other-fees-received-motor-dealer.html

Chid....."NWG NO exposure to the car loan issue."

NWG own Lombard Asset Finance who finance loans for cars/vehicles so they do have exposure.

https://www.natwestgroup.com/who-we-are/our-brands/lombard.html

SUFC......"Santander announces plans for £4.7bn shareholder distribution following record results :-)"

Santander results were released on 31st January?

STP......"Eye watering numbers my friend."

You really are gullible!

STP......"The largest swing from the Tories to Labour since 1994 and second-largest since the second world war."

Absolute nonsense this. Labour only gained 107 votes on the 2019 GE. I have copied below my post on 16th February.

Lets put this into perspective.

Labour got 13,844 votes at the Wellingborough by-election, the Conservatives got 7,408 votes. The turnout was 38%.

In the 2019 GE Labour got 13,737 votes, the Conservatives got 32,777 votes. The turnout in 2019 was 64.3%.

So the Labour increase in votes is miniscule, only 107. Nothing more than a wake up signal from Conservative voters who would not vote Labour so did not vote.

Optimism for Lloyds.

Lloyds Banking Group PLC (LSE:LLOY) is closest to Natwest in structure and the domestic markets it serves, so the good showing from its rival today should bode well.

“Lloyds faired pretty well back at third-quarter results, the only major UK bank to see underlying profit before tax improve from the prior quarter,” noted Hargreaves Lansdown.

“As a traditional lender with operations geared toward interest income, net interest margin (NIM) is key,” Hargreaves added.

Analysts are looking for 3.01% in the fourth quarter.

Aside from that, it should been plain sailing except now a rock has been thrown in into the pool in the shape of Close Brothers scrapping its dividend yesterday due to the FCA’s car finance probe.

Lloyds, too, is big in this market but according to Jefferies, “other than the fact that Close Brothers and Lloyds both operate in the car finance market, the two firms cannot be compared".

Lloyds has experience in operational complexities related to redress schemes [think PPI], Jefferies said, while the scale of any such refunds would have a very different impact on each firm.

The US bank also stuck to a forecast of a £2.5 billion Lloyds share buyback for 2023.

Subject to any additional provisioning, Lloyds is tipped to up full-year underlying profits by 15% to £8.1bn according to consensus.

https://www.proactiveinvestors.co.uk/companies/news/1041139/can-lloyds-barclays-and-hsbc-follow-up-natwest-s-profit-surge-1041139.html

Seany......"Where did you read this Live??"

https://uk.finance.yahoo.com/news/lloyds-set-uptick-annual-profits-090000306.html

Forensicbloo

Go to the link which takes you to the 2022 Lloyds Investor Sharesoc Webinar in December 2022. Fast forward to 32 minutes 14 seconds which takes you to the Q&A session, and Douglas Radcliffe explains the 1/3 interim, 2/3 final split of full year dividend.

https://www.youtube.com/watch?v=fH9pRc97LiQ

Dovas

"but am I right in understanding that Lloyds may only be liable for up to £234 million at a push"

Martin Lewis estimated that would be the cost for the sector, not just Lloyds, but that was based on the number of complaints his website received in the first week of 530,000. It will be difficult to try and estimate what the total number of claims will finally be.

Lunatic......"When does this go ex divi"

We won't know the exact date until Final Results are released, it will be around the first week in April.

"Had to laugh! Rees-Mogg claims the low turnout was due to tory voters staying at home. Most will probably have a postal vote to avoid queuing & providing suitable ID to cast their vote - a ploy designed surely to lower the voter turnout that Rees-Mogg is referring to."

Lets put this into perspective.

Labour got 13,844 votes yesterday, the Conservatives got 7,408 votes. The turnout yesterday was 38%.

In the 2019 GE Labour got 13,737 votes, the Conservatives got 32,777 votes. The turnout in 2019 was 64.3%.

So the Labour increase in votes is miniscule, only 107. Nothing more than a wake up signal from Conservative voters who would not vote Labour so did not vote.