Lloyds set to pay £829 compensation to customers as it decides 'the right step'

NewsCost Of LivingLloyds BankCertain Lloyds customers are due receive payouts10:48, 01 Aug 2026Lloyds Bank is set to pay some customers £829(Image: jax10289 via Getty Images)Some Lloyds customers are set to receive £829 from the bank following its confirmation that it will not launch a legal challenge against a compensation scheme. Lloyds is to pay the money to compensate customers who were allegedly mis-sold car finance, according to reports.‌It is believed that they may have been overcharged due to DCAs - 'discretionary commission arrangements' - where dealers were able to increase interest rates to earn more commission from a sale. Many lenders did not properly disclose important information to customers about their agreements and this broke laws and Financial Conduct Authority - FCA -