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

Over 7,000 customers affected

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

The bank's trade union told the paper that 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 S...