Lloyds Banking Group Plc (LYG: Quote,LLOY.L) noted the announcement from the FSA with regard to the disposal of interest rate protection products to small and medium sized businesses.
Lloyds stated that it 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.
According to the company, interest rate derivative products are not products it has sold widely. Given the limited exposure of Lloyds to these products, the financial impact of this remediation and the associated costs are not expected to be material to the company.
Click here to receive FREE breaking news email alerts for Lloyds Banking Group plc and others in your portfolio
by RTT Staff Writer
For comments and feedback: email@example.com