Live updates

TSB has 'indemnity' against misconduct claims

TSB is protected against compensation claims by its parent company, the bank's chief executive Paul Pester says.

Misconduct claims for the missale of payment protection insurance (PPI) have cost the industry billions of pounds, according to estimates from the Financial Conduct Authority.

TSB 'an effective challenger', says chief executive

Lloyds chief executive Antonio Horta-Osario says TSB has "a strong balance sheet" and is well protected from the issues that caused the banking crisis.

TSB has a national network of branches, a strong balance sheet and significant economic protection against legacy issues.

It is already operating on the UK high street and is proving to be a strong and effective challenger, further enhancing competition in the UK banking sector.

– Lloyds chief executive Antonio Horta-Osorio

Advertisement

TSB boss: No dividend until 2017 at earliest

TSB will offer less than a quarter of its available shares to ordinary members of the public, its boss has said.

ITV News Business Editor Joel Hills reports:

Lloyds: 'Important we don't disrupt this recovery'

Lloyds group director of mortgages Stephen Noakes has said that while the housing market outside of London was improving the recovery is "fragile" as "prices largely remain below their peak."

He said: "It is important we don't disrupt this recovery. But in London, house prices are almost now 30% above the 2007 peak.

Household wealth is calculated by working out people'd assets such as pensions and houses. Credit: Joe Giddens/PA

"This is largely driven by issues of supply which are particularly acute in London and this is having an impact on income multiples which are failing to keep pace with asset growth.

"This prudent update to our lending policies is intended to manage risks to our business and for our customers."

Advertisement

Lloyds to tackle housing inflation with loan-income cap

Britain's biggest mortgage lender has said that from today, people applying to take out a mortgage worth more than £500,000 will see the amount they are allowed to borrow limited to four times their income.

ITV News Business Editor Joel Hills reports:

Lloyds Banking Group said it has been designed in a bid to tackle the pressure of housing inflation in the London market.

Further evidence that 'UK economy is gathering pace'

According to research by Lloyds Bank Private Banking, household wealth has grown by its largest annual amount in a decade.

With individual households typically seeing their wealth grow by £96,000 in the last 10 years to reach £280,787, Ashish Misra, head of investment policy at Lloyds Bank Private Banking, said:

In the past year household wealth grew by £717 billion, the largest annual rise in the decade

Increasing activity in the housing market and continued growth in equity prices has boosted household wealth. These figures, to an extent, provide further evidence that the recovery in the UK economy is gathering pace.

– Ashish Misra

Household wealth increases by £717 billion

Rising household wealth could mean the economy is in recovery, a Lloyds banking report has found. The increased value of people's financial assets as well as rising housing market activity helped household wealth to increase by £717 billion in the last year.

Household wealth is measured by working out the value of people's assets such as their house, savings, shares and pensions, minus what they owe on debts like credit cards and mortgages.

Household wealth is calculated by working out people'd assets such as pensions and houses. Credit: Joe Giddens/PA

Total household wealth is estimated to have reached £7.84 trillion by the end of last year.

Load more updates