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...
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