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Lloyds Banking Group Categorically Classified £ 44.1bn with customer deposits with numbers submitted by the official data used by banks that are wasting interest payments.
The group says deposits get interested without them, carry out the errors of the Boe sector data used in Authoration of financial conduct Reviewing the cash savings market.
Boe said that in October last year, £ 232bn is held in individuals’ accounts that do not meet interest, compared to accounts at £ 1.5TN at the accounts of interest.
Lloyds error was fixed last year, leading the amount of deposits in non-interesting accounts to bring £ 282bn when Boe published numbers for November.
Data is collected monthly based on submissions from individual banks, which Boe makes a national total shown where the account class held in the UK.
Lloyds An internal review of last year has been wasted by many products at the current account that it is incorrectly classified when they are submitted statistics. The bank says it informs the Boe and updates the most recent correction to correct error.
“There is no effect on customers, no capital impact, and no effect on outer financial reporting”, as Lloyds.
Boe refused to comment.
Error Lloyds risks not the historical accuracy of the data used in the FCA to review the cash savings market.
Banks have faced intense scrutiny over how quickly they have passed on interest rates increases and cuts to the rapid rate changes kicked off in early 2022. Lenders recorded the rates they charged on loans more quickly than they passed on The benefit of higher rates to savers, boosting margins.
The Harriett Baldwin, then-chairman of the Treasury Pelecttee Committee, has accused banks of “(get) their most loyal storage customers to develop profit customers”.
The air displacement prompts a threat from former Chancellor Jeremy Hunting with regulatory actions against lenders that stimulate storage storage, and approved by FCA.
On September 2024, the FCA has also used Boe numbers when it provides review update, which includes house banks – to ensure that they provide fair value to customers.
A person who is familiar with the item says Lloyds Reporting means numbers of common access rates quoted by FCA in this report.
However, the person said the error might not have material affecting the review of the Cash Savings Market Review, conditions.
FCA refuses to comment.
While Lloyds Reporting error does not have material results, such clerical errors can be expensive for banks.
Barclays must pay a $ 361mn sentence of US Securities and £ 450mmn of investors in 2022 and after which billion investors are offered than they are allowed to investors than those investors.
In 2018, the invalid reporting of the Metro Bank of the risk applied to some of its commercial loans operated a crisis of £ 15mn fine from FCA and Boe.
