Virgin Money Slumps To Loss After £385M Misselling Hit

Law360, London (November 28, 2019, 12:49 PM GMT) -- Virgin Money revealed a deeper full-year loss on Thursday after the financial services brand was forced to set aside an extra £385 million ($497 million) to compensate consumers who were improperly sold a controversial type of insurance.

The company said its post-tax loss for the 12 months to September grew to £194 million, up from £145 million in the previous 12 months.

The bank said the shortfall was partly a result of the “unwelcome and unexpected” surge in claims for compensation pouring in from consumers who believe they have been victims of the payment protection insurance misselling scandal. The Financial Conduct Authority had set an August...

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!

TRY LAW360 FREE FOR SEVEN DAYS