CYBG Holds £450M For PPI After 340K Requests In August

Law360, London (September 5, 2019, 5:44 PM BST) -- British bank CYBG said Thursday that it has earmarked up to £450 million ($552 million) for unresolved payment protection claims after receiving 340,000 information requests about the controversial cover in the five weeks to the August deadline.

CYBG PLC, a holding company for lenders including Clydesdale and Yorkshire Bank, said that the total number of information requests that it received from customers about payment protection insurance during August were more than it has received in the eight months preceding it. And the group, which also owns Virgin Bank, said that it received 120,000 requests for information and 22,000 complaints in the...

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