Lloyds Banking Group PLC FSA interest rate protection product review (4590G)
June 29 2012 - 2:02AM
UK Regulatory
TIDMLLOY
RNS Number : 4590G
Lloyds Banking Group PLC
29 June 2012
29 June 2012
RESPONSE TO FSA INTEREST RATE PROTECTION PRODUCT REVIEW
Lloyds Banking Group notes the announcement this morning from
the FSA with regard to the sale of interest rate protection
products to small and medium sized businesses. The Group has
assisted the FSA fully in relation to its review and has agreed to
work with an independent third party to carry out a thorough
assessment of sales of these products to certain customers.
Interest rate derivative products are not products the Group has
sold widely.
Given the limited exposure of the Group to these products the
financial impact of this remediation and the associated costs are
not expected to be material to the Group.
- END -
For further information:
Investor Relations
Kate O'Neill +44 (0) 20 7356 3520
Managing Director, Investor Relations
Email: kate.o'neill@ltsb-finance.co.uk
Corporate Affairs
Ian Kitts +44 (0) 20 7356 1347
Head of Media Relations
Email: ian.kitts@lloydstsb.co.uk
FORWARD LOOKING STATEMENTS
This announcement contains forward looking statements with
respect to the business, strategy and plans of the Lloyds Banking
Group, its current goals and expectations relating to its future
financial condition and performance. Statements that are not
historical facts, including statements about the Group or the
Group's management's beliefs and expectations, are forward looking
statements. By their nature, forward looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. The Group's actual
future business, strategy, plans and/or results may differ
materially from those expressed or implied in these forward looking
statements as a result of a variety of risks, uncertainties and
other factors, including, without limitation, UK domestic and
global economic and business conditions; the ability to derive cost
savings and other benefits including, without limitation, as a
result of the integration of HBOS and the Group's simplification
programme; the ability to access sufficient funding to meet the
Group's liquidity needs; changes to the Group's credit ratings;
risks concerning borrower or counterparty credit quality;
instability in the global financial markets including Eurozone
instability; changing demographic and market related trends;
changes in customer preferences; changes to regulation, accounting
standards or taxation, including changes to regulatory capital or
liquidity requirements; the policies and actions of governmental or
regulatory authorities in the UK, the European Union, or
jurisdictions outside the UK, including other European countries
and the US; the ability to attract and retain senior management and
other employees; requirements or limitations imposed on the Group
as a result of HM Treasury's investment in the Group; the ability
to complete satisfactorily the disposal of certain assets as part
of the Group's EU state aid obligations; the extent of any future
impairment charges or write-downs caused by depressed asset
valuations; exposure to regulatory scrutiny, legal proceedings or
complaints, actions of competitors and other factors. Please refer
to the latest Annual Report on Form 20-F filed with the US
Securities and Exchange Commission for a discussion of certain
factors together with examples of forward looking statements. The
forward looking statements contained in this announcement are made
as at the date of this announcement, and the Group undertakes no
obligation to update any of its forward looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
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