Member Info for StickyToffeePudd

Lloyds will have done their due diligence before they decided to opt for an externally provided cloud service. I imagine they first had a baseline cost for what it would cost doing it internally and a projection of how the cost would ramp up in subsequent years. They would have drawn up a specification of the service they required and shared this with some cloud service providers for quotation purposes. Also, cloud service providers would have gone through supplier or service provider screening and approval process.

Given the rather catastrophic outage, I imagine the first thing Lloyds will request is an 8D report from Amazon on the root cause of the outage. Critical to this would is whether the fix now in place to get the cloud service is a temp fix or additional actions would be undertaken longer term to avoid a reoccurrence.

I then expect that Lloyds will take a decision as to whether they can remain with Amazon, whether they should move to another cloud service provider or even go inhouse and provide the service themselves.

Dorfan, that is exactly the point I am making is that by outsourcing lloyds have handed over control, not alone to someone else, but as you point out, someone outside the reach of Ofcom!

This type of decision is strategic in nature owing to the total dependence and reliability of the Lloyds services to this subcontracted cloud service.

I expect the BOD at Lloyds will be discussing this topic quite soon, as they should be.

A spokesperson for the Bank of Ireland stated that the revised estimate "is due to the increased likelihood of a higher number of eligible cases, the construct of the proposed redress methodology and the customer engagement approach".

https://www.irishpost.com/news/bank-of-ireland-puts-aside-e400m-amid-motor-finance-scandal-299482

* which has not shown it is reliable.

"a spike in reported outages across a wide range of internet services including those of HMRC, Halifax and Lloyds."

"Customers have also reported an increase in outage reports at UK banks including Lloyds, Halifax, and Bank of Scotland – with 6,925 Downdetector outage reports at Lloyds at 9.31am."

I hope that Lloyds learn the lesson here and put something in place to prevent a reoccurrence. Really banks do need to have robust systems in place and to save cost they have outsourced their cloud services, which has not shown it is unreliable. Next thing we'll be hearing about a cyber attack where hackers have pinched everyones confidential information, or worse, drained your account of funds. Another thing hackers can do is lock users out of their own cloud, so all transactions get blocked. Wonderful world we live in now isn't it will all this technology designed to improve our lives...

https://uk.news.yahoo.com/hmrc-says-please-dont-call-095509516.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALvutDQO0SYlB15y1WIf8qfkzs-UAp2G4UMhkjAaCJ0uGuj540bkiNyweqH3RfMT0yp-ceM2DQtgZOjFLyJgy5AOa3Q6jHOBbDae0agKVqFS9NwWQnQy_xQluK5sP6O5nyXZ5WTtbtci7uyWPnKcLDeprlDgeszog18GL6ZSLWIH

Https://uk.finance.yahoo.com/news/lloyds-shares-keep-paying-fabulous-063000420.html

Difranco, "Overall this is merely a dress rehearsal to a wider market decline from the AI community in the coming months."

So if AI goes belly up, why would that impact the wider market? I'm not getting your argument at all! AI is becoming part of every business so its place is now beyond doubt!

Good live coverage on Bloomberg TV.

Slight over reaction the whole thing most likely.

Buying opportunity folks.

It'll interesting to see what happens when the US opens for trading! Hopefully it will be totally uneventful...

Https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-17/

Gold also hit a new peak today.

https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-17/

Https://www.cityam.com/lloyds-bank-sets-aside-additional-800m-for-motor-finance-redress/

Steady as she goes folks!

Child, my sarcasm obviously went over your head.

Https://www.investing.com/news/company-news/scott-wheway-to-step-down-from-lloyds-banking-group-board-93CH-4283283

As long as he doesn't take it personally.

Gunsup, I think it is actually well beyond time to be taking defensive investment decisions in anticipation, of the collapse that now seems imminent. I can't fault those like hardup that have decided to sell up their lloyds shares.

Really we are only now waiting for the trigger, that will cause the whole house of cards to collapse.

As I've said before a big proportion stock investment is in banks and I'm starting to get nervous.

We have all the tell tale signs now. Big correction on the way. I imagine we are looking at 2026. folks, have your hard hats to hand, as you're going to need them.

Hollybean, we need Captain Kirk, Scorry and a blast of warp drive, to shoot past the budget unscathed.

Https://www.theguardian.com/business/2025/oct/09/lloyds-warns-of-greater-hit-from-car-loan-finance-scandal

I think this captures the mood at the moment regarding lloyds

https://youtu.be/iaw6WIGgaX8?si=L3D5Kc8lzGjegrdE