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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!