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Probe into risky deals flogged Banking giants are braced for a fresh mis selling scandal after Lloyds was forced to shell out up to 80million for peddling risky investment deals to cautious savers.
The lender is writing to more than 7,000 customers who bought structured investments, which are complex products linked to the performance of the stock market. Customers at Lloyds who were affected, including those in its investment arm Scottish Widows, were often older savers with a large stockpile of cash. They were offered deals including the Acorn Market Linked Deposit and Protected Capital Solutions Funds, which in some cases gold pandora beads saw investments of 10,000 locked away for years and ploughed into the FTSE 100. Although this can offer higher returns than a savings account, there is no guarantee on how it will perform raising the risks. Campaigners believe this was not made clear to customers. The pandora number charm bank has reviewed 22,000 cases and is offering compensation to 7,250 customers who will be contacted by the bank. A Lloyds spokesman said: 'We recognise that with some of our historic structured investment products we did not provide a small number of customers with sufficient information before making their deposits. 'We apologise for these errors. We are writing to these customers to explain their options and will ensure customers do not suffer any financial loss.' The lender set aside 450million to deal with legal and regulatory issues last year, and it is possible the cash could come from this pot. Lloyds does not believe the bill will be as high as 80million, a figure suggested by its trade union. An FCA spokesman declined to comment on whether the lender might also face a fine. It is not the first to be hit with a structured products bill. Yorkshire Bank and Credit Suisse were fined a combined 3.8million by regulators in 2014. Justin Modray, of the consumer group Candid Money, said: 'A lot of customers have unwittingly moved safe savings into products which are somewhat higher risk.' The scandal comes just as big banks breathe a sigh of relief that the PPI mis selling saga, which has cost them more than 40billion since 2011, is finally drawing to a close. A deadline for claims has been set in mid 2019. Lloyds fell 1.4 per cent, or 0.96p, to 68.7p. Most watched Money videos The new Nissan Qashqai will be in the showrooms from next month Instant karma!: Thief stopped by lorry driver quick thinking Jaguar Land pandora charms blog Rover teases the opening of its classic car tour Investing Show: Are stockmarkets too expensive? Is this the best car used advert ever? Vitara gets CGI treatment Rolls Royce showcases its bespoke deals on pandora charms capabilities in stylish car Unsettling digital safety advert will make you think twice online The world largest luxury car Machine in Singapore Footage showing the amazing evolution of the Porsche 911 Carrera Should you worry about the election and your investments? How should investors deal with the UK election result? Investing Show: John Redwood on whether Trump can deliver Sainsbury's to buy convenience rival Nisa in 130m deal,. Daily Briefing: Possible deal as Scottish Widows in line. Jaguar Land Rover jobs drive for engineers who can create. MARKETS LIVE: FTSE up as David Davis begins Brexit talks. ALEX BRUMMER: Hammond must be heard 'failure to secure. Private equity giant Blackstone backs UK property by. Brexit vote fuelled 146bn betting frenzy in City amongst. Co op Bank in 'advanced talks' with investors over. Women's retailer Bonmarch suffers 40% profits fall as. Britain's holiday rental market booms as the weak pound. MIDAS SHARE TIPS UPDATE: Vital signs are improving at. A surprise surcharge AFTER you have paid it's the. Roaming may now be 'free' when you're abroad but you. 'Brexit is a lose lose proposition, harmful both to. Sainsbury's to buy convenience rival Nisa in 130m deal,. North South divide opens up in buy to let market as study.
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