Nationwide Predicts Up To £50M Hit From Late PPI Claims
Law360, London (September 13, 2019, 2:35 PM BST) -- Nationwide on Friday became the latest U.K. lender to reveal a hefty charge for improperly sold payment protection insurance amid a surge in last-minute claims.
Nationwide Building Society said it will have to put aside between £20 million ($25 million) and £50 million to deal with a surge in PPI claims last month as customers rushed to file for compensation ahead of the August deadline.
The extra charge is on top of the £159 million already earmarked in Nationwide’s annual results published in April.
“Whilst the quality and therefore outcome of these complaints and inquiries remains uncertain, the Society now estimates...
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