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Lloyds Bank and Excess Charges for Customers on Foreign Exchange Transactions

Lloyds Bank might face charges and test cases regarding the ‘spreads’ that it charged smaller corporate customers on their foreign exchange transactions. It is understood that the prices at which the foreign exchange deals were struck at were less competitive than they could have been, because Lloyds had a ‘policy’ of taking extra money for itself in these transactions. To make matters worse, it appears that Lloyds might have selected a certain category of customers to do this, i.e., smaller, less sophisticated customers. It will be hard to prove, because all banks and foreign exchange houses all take a spread over the market that trades foreign exchange, where those parties are dealing in very large transactions. It is likely that there is more to come on this matter however. If you think that you have been affected, please get in touch with me.

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