Nationwide's £36M PPI Complaints Hit Sends Profits Falling

Law360, London (November 22, 2019, 12:26 PM GMT) -- Nationwide has set aside a further £36 million ($46 million) to cover compensation for wrongly selling payment protection insurance after being hit with a flood of claims in the run-up to the August deadline, the bank said Friday.

The bill for compensating customers who were missold the controversial product has taken a chunk out of the lender’s latest profits. Nationwide Building Society has already warned that it would have to put aside extra money to cover last-minute claims, and on Friday it said that PPI-related inquiries “rose significantly” before the Aug. 29 claims deadline.

Overall half-year profits at the U.K.’s third-biggest mortgage lender...

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