LLOYDS BANKING GROUP PLC
LYG
Financials
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Lloyds Banking Group was censured by the UK Advertising Standards Authority in December 2024 for running a social media advertisement that promoted its support for low-carbon projects. The ASA banned the advert for omitting material information about the bank’s ongoing financing of fossil fuel industries, ruling the claim was likely to mislead consumers. The watchdog stated the ad failed to provide balanced information, as it did not disclose that Lloyds continues to provide significant financial services to polluting sectors.
This regulatory action highlights the bank’s role as a key financial enabler of the fossil fuel industry. As a major lender and underwriter, Lloyds provides the ancillary capital and services that allow fossil fuel operators to explore, extract, and expand infrastructure. The ASA ruling underscores a discrepancy between the bank’s public climate communications and its continued financial support for greenhouse gas-emitting activities.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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