Lloyds has revealed it has set aside £1.2 billion to cover potential compensation costs for motor finance commission arrangements, as the bank’s annual profit slid by a fifth. An additional £700 million provision taken in the final three months of the year adds to the £450 million already confirmed last year. #lloyds
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Lloyd's has revealed it has set aside £1.2 billion to cover potential compensation costs for Motor Finance Commission arrangements as a bank's annual profit slid by a fifth.
00:17An additional £7 million provision taking the final three months of the year adds to the £450 million already confirmed last year.
00:26The banking group is exposed to the market through its brand Blackhorse, which is one of the biggest car finance providers in the UK.
00:35My name's Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.