BLACK Horse Offshore has stopped offering new loans – but the lender’s parent company has confirmed service for existing customers will continue until their contracts end.
A spokesperson for Lloyds Banking Group told the JEP that, as of 13 November, both Black Horse Offshore Limited and Lloyds products and services were being offered “solely” under the latter brand.
They explained that the move formed part of wider efforts to “simplify” the company’s offering in the Crown Dependencies and “deliver better service to customers”.
New BHOL products, including asset finance, are no longer available – but existing customers will continue to be serviced until their contracts end.
Responding to questions from the JEP, the spokesperson also said that the decision was not linked to the current situation in the UK, where the Financial Conduct Authority has been investigating the impact of discretionary commission arrangements in car finance agreements.
Some lenders have paused new business following the FCA’s announcement of an industry-wide compensation scheme.
The spokesperson for Lloyds Banking Group stated: “To achieve the ambitious strategy that we launched in February 2022 and deliver better service to our customers, we are transforming our business.
“Our wide range of products and services in the Crown Dependencies will be provided solely under our Lloyds brand, as we aim to simplify our offering and deepen our client and customer relationships.”
