Nationwide Building Society Update on Payment Protection Insurance (1928M)
13 Septiembre 2019 - 1:00AM
UK Regulatory
TIDMNBS TIDM96MN
RNS Number : 1928M
Nationwide Building Society
13 September 2019
13 September 2019
NATIONWIDE BUILDING SOCIETY (THE "SOCIETY")
UPDATE ON PAYMENT PROTECTION INSURANCE
Following the deadline for filing complaints relating to past
sales of Payment Protection Insurance (PPI) on 29 August 2019, and
in light of recent industry announcements, Nationwide Building
Society is today providing an update on PPI provisioning.
Provisions for redress in relation to PPI recognised at the
Society's financial year end on 4 April 2019 anticipated an
increase in claims towards the deadline. However, in line with
experience in the broader market, the Society received a higher
than anticipated volume of complaints and enquiries in the period
immediately before the deadline. Whilst the quality and therefore
outcome of these complaints and enquiries remains uncertain, the
Society now estimates that an incremental charge will be made, in
addition to the provision as at 4 April 2019, in the range of GBP20
million to GBP50 million.
The processing of complaints and enquiries continues, hence the
ultimate provision recognised could be above or below this range.
The upper end of this provisional estimate is not significant to
the Society's financial position, representing circa 15 basis
points and 2 basis points on the CET1 and leverage ratios
respectively.
The estimated range amounts are preliminary and unaudited.
For further information please contact:
Investor queries: Alex Wall, 020 72616568 or 07917 093632,
alexander.wall@nationwide.co.uk
Media contact: Sara Batchelor, 01793 657770 or 07785 344137, sara.batchelor@nationwide.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSFSFMEFUSEDU
(END) Dow Jones Newswires
September 13, 2019 02:00 ET (06:00 GMT)
Nationwide Building Soci... (LSE:NBS)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Nationwide Building Soci... (LSE:NBS)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024