Clydesdale Group Sets Aside £30M For Insurance Claims

Law360, London (May 15, 2019, 3:56 PM BST) -- The owner of Clydesdale Bank said on Wednesday it has earmarked an additional £30 million ($38.5 million) to cover customer complaints about being wrongly sold controversial payment protection insurance as the deadline for making claims approaches.

CYBG PLC said it expects a higher volume of claims ahead of the August deadline for complaining about the insurance, which is known as PPI. The £30 million will come on top of the £156 million that the group has already set aside to cover the cost of responding to requests from customers for information about PPI products, managing their complaints and paying redress for...

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