Lloyds faces £80m payout in structured products mis-selling case - report

More than 7,000 customers affected

clock • 2 min read

Lloyds Banking Group is preparing to compensate more than 7,000 customers who were mis-sold supposedly low-risk structured products, according to The Times.

The bank's trade union told the paper Lloyds is writing to 7,250 customers of the bank and investment arm Scottish Widows, who were mis-sold structured products.  These included the Acorn Market Linked Deposit Fund, marketed between 2008 and 2010 in the wake of the financial crisis, and Scottish Widows' Protected Capital Solutions Fund. In its letters, Lloyds says: "We have identified that we did not give you sufficient information to make an informed decision before you made your deposit." The Lloyds union estimates the compensation package for the Acorn fund at £66m, while Scotti...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

The wonder women from Fundcalibre's rated funds list

The wonder women from Fundcalibre's rated funds list

'These two top-rated women have been quietly delivering for investors for the long term'

Darius McDermott
clock 06 March 2025 • 5 min read
Schroders AUM reaches £779bn as profits rise 14%

Schroders AUM reaches £779bn as profits rise 14%

Firm gives strategy update in full year results

Sorin Dojan
clock 06 March 2025 • 2 min read
Advisers 'can't ignore ESG anymore': Aegon's Beacham

Advisers 'can't ignore ESG anymore': Aegon's Beacham

‘Encouraging ESG investing no longer a difficult task for advisers’

Sahar Nazir
clock 05 March 2025 • 1 min read