CYBG Announces £150M Charge To Cover PPI Compensation
Law360, London (November 20, 2018, 5:09 PM GMT) -- British bank CYBG PLC on Tuesday announced a further £150 million ($192 million) hit to cover claims for mis-sold payment protection insurance, nine months before the national regulatory deadline for complaining to lenders.
CYBG, a holding company for lenders including Yorkshire Bank and Virgin Money, announced the charge on earnings in its preliminary results for the year ending on Sept. 30. The lender carved out a total of £352 million during 2018 to cover mis-sold loan insurance claims, amid statutory pretax losses of £164 million.
“While weekly complaint volumes have been falling since the end of July, the group considers it...
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