Lloyds Banking Group

Ticker LLOY

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As of 07:45 20 Oct 2018
Market cap. Pound sterling
39,930.56 million
As of 07:49 20 Oct 2018

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BlackRock wins Scottish Widows battle

BlackRock sign

BlackRock has won the mandate to manage £30bn of Scottish Widows assets and invest them.

The Lloyds Banking Group decision comes after the bank said earlier this year it was terminating £109bn of asset management agreements with Standard Life Aberdeen (SLA).

Lloyds said the merger of SLA and Aberdeen Asset Management made the company a competitor, although SLA is challenging this view.

Scottish Widows chief Antonio Lorenzo said BlackRock haD been chosen because "it clearly demonstrated its global market leading capabilities and deep expertise in the UK market".

Another £80bn of assets are still under review.

Lloyds censured for PPI gaffe

Kevin Peachey

Personal finance reporter

Lloyds branch

Lloyds has been censured for a second time by the UK's competition authority for failing to keep customers up to date with their PPI policies.

Computer problems meant about 14,000 of its customers did not receive an annual review and details of cancellation rights between 2012 and 2018, the Competition and Markets Authority (CMA) said.

The bank also gave incorrect information on PPI premiums in annual reviews it sent to 2,884 customers.

The CMA said it was disappointed that Lloyds had repeated failures seen in 2016, and has handed the bank legally-binding directions to ensure it keeps to the rules.

Lloyds is writing to those affected to apologise.

Lloyds to shut 15 more branches

Simon Read

Business Reporter

Lloyds cashpoints
Getty Images

Banking giant Lloyds is shutting another 15 branches as part of its restructuring.

It said that up to 23 jobs will be lost as a result of the move which will take place between January and March 2019.

The closures will be in addition to the 49 branches that Lloyds axed in April.

A Lloyds spokeswoman said: "All branches announced for closure have a Post Office less than half-a-mile away so customers can still access their banking locally."

The branches set to be axed are:

  • Basingstoke Winchester St
  • Blackwater
  • Bristol Redland
  • Buckley
  • Cambridge Mill Rd
  • Cardiff Bay
  • Cardiff Business Branch
  • Coventry Earlsdon
  • Heanor
  • Heywood
  • Leicester Narborough Rd
  • Madeley Telford
  • Mickleover
  • Rowlands Gill
  • Stapleford

Analysis: A year is a long time in banking

Kevin Peachey

Personal finance reporter

Getty Images

PPI mis-selling was a huge financial scandal and now, for many, the reason for a lot of unwanted calls about claiming compensation.

But it is worth stepping back for a minute to look at the staggering numbers involved.

Latest figures from the regulator show that in May alone, compensation of more than £400m was paid out by the industry.

No wonder banks were so delighted when a claims deadline was set for 29 August 2019.

On the flipside, claims management companies (CMCs) are furious. This week a trade body for CMCs claimed that half of us are unaware of the cut-off date.

They will be busy in the next 12 months, so expect more calls.

Despite those efforts, many people are missing out on compensation that is rightfully theirs and that they can claim themselves without charge.

Lloyds PPI provision is 'galling'

Getty Images

Lloyds new provision for PPI claims is "an unwelcome development", says Richard Hunter, head of markets at interactive investor.

He says "The issue has long cast a shadow over the sector and Lloyds in particular.

"It is especially galling given that the first quarter update suggested that these provisions were on a downward trajectory and that the issue was close to being consigned to the history books.

"This will not sit comfortably with the current view that the UK economy may have some troubling times to come, with Lloyds being potentially exposed to consumer defaults through its credit card business, let alone any difficulties which higher interest rates could bring."

Lloyds' shares climb; Next plunges

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Investors sent Lloyds Banking Group's share price 2.1% higher to 63.59p after it reported better than expected profit for the first six months of the year.

Meanwhile, Next's share price tumbled 5.73% £55.96 following a trading update which revealed a sharp fall in sales at its shops.