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The Lloyds Banking Group has wrongly classified the £ 44.1 billion pounds of customers’ deposits to the figures submitted to the Bank of England, which is an error that fed by official data used to examine whether banks changed briefly in interest payment consumers.
The group announced that deposits earn interest when they did not, which led to inaccuracies in BOE’s data in the entire sector used by Financial behavior authority In his examination of cash savings market.
Boe said that since October last year, £ 232 billion was held in the accounts of individuals earning without interest, compared to a 1.5 -year -old of 1.5 buttermilk of 1.5 subtitles in accounts that attracted interest payments.
The Lloyds error was corrected at the end of last year, which led to the amount of deposits in accounts that were not interested in jumping to £ 282 billion when Boe published its numbers for November.
The data is collected monthly on the basis of the reports of individual banks, and Boe has produced a national account in which the type of money in the account is held in the UK.
Lloyds He said an internal examination last year appeared several liquid account products that were wrongly classified when he filed his statistics. The bank announced that she had informed Boe and updated the latest report to correct the error.
“There is no effect on customers, there is no effect on capital and has no effect on external financial reporting,” Lloyds said.
Boe refused to comment.
The Lloyds Error risks canceling the historical accuracy of data that FCA uses in reviewing the money savings market.
The banks faced intense control over how quickly the increase in interest rates and reduction of savings and borrowers quickly conveyed, as the cycle of rapid speed changes began in early 2022. Lender lenders recorded profits from Branik because they increased the rates they had faster to overwhelmed to larger rates to larger rates.
Harriett Baldwin, the then chairman of the Treasury Selecting Committee, accused the banks at the time “[taking] The advantage of their most loyal savings customers to increase profit margins. ”
The decline of lenders has encouraged the threat of former Chancellor Jeremy Hunt to take regulatory measures against lenders who failed to increase savings rates and culminated in a FCA 2023 FCA examination.
In September 2024, FCA re -used BOE figures when he gave an update of the examination, noting that he collaborated with nine banks and construction companies – including Lloyds – to ensure fair value to customers.
The person familiar with this question said that Lloyds reporting error would mean the figures on average simple access rates cited in his report were lower than it should be.
However, the person said that the mistake was likely that it materially influenced the inspection of the supervisory market, its conclusions or political actions.
FCA refused to comment.
Although Lloyds’s reporting error did not have material consequences, such priestly errors may be expensive for banks.
Barclays had to pay a $ 361 million fine and exchanges to the US Securities and Exchange Commission, with investors to investors investors and £ 450 million, and after being accidentally offered billions of dollars of more value paper than approved to investors.
In 2018, Metro Bank Incorrect Risk Weight Reporting Applied to some of its commercial loans caused a crisis at Challenger bank and eventually resulted in £ 15m fines from FCA and Boe.
