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Lloyds starts compensation payouts to Lehman clients

Lloyds Private Banking has begun compensating clients who lost out after it advised them to invest in structured products backed by Lehman Brothers.

Money Marketing has learnt that some clients are being repaid their initial capital, interest and adviser fees.

An early day motion by Conservative MP Ed Vaizey highlighting the plight of over 6,000 investors with £200m in Lehmans-backed products calls for a detailed FSA investigation into the marketing of these products and has received 61 signatures.

The regulator is investigating related issues under its wider implications process.

Lloyds would not confirm whether or not any clients had received compensation but a spokeswoman says that the bank is confident that advisers followed appropriate sales processes and investment and insolvency risks were clearly set out in client documentation.



£3Bn profits for Barclays and HSBC

Barclays’ profits rose by 8 per cent in the the first half of this year to £2.98bn from £2.75bn in 2008 while HSBC’s profits halved to £2.98bn from £6.1bn.

Embrace simplicity!

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