Lloyds Banking Group has set aside £500m to voluntarily redress an estimated 300,000 Halifax customers potentially confused by its SVR cap.
The lender has admitted wording used to summarise the Halifax SVR cap for all mortgage offers written between 2004 and 2007 could have confused customers. Lloyds will write directly to 600,000 Halifax customers in April in order to let them know of the redress programme. It estimates around 300,000 customers will receive goodwill payments as a result. The £500m set aside for the programme will cover all costs to the lender, including contacting customers and goodwill payments. Its contact and redress programme relates specifically to customers who were made mortgage offers by the B...
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