Nationwide reveals £55m charge for consumer credit redress

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Nationwide reveals £55m charge for consumer credit redress

This is a duplicate of the Blog Entry made on: 19th February 2016 16:44

Nationwide Building Society expects to pay out £55m in consumer redress this year due to regulatory matters including consumer credit legislation. The redress package was announced in an interim management statement, published this month, which covers the nine-month period from April 5 2015 to December 31 2015. The statement said Nationwide is continuing to “review compliance with ongoing and emerging regulatory matters, including consumer credit legislation.” It added: “We have recognised a net provision charge of £55m year to date in respect of potential customer redress, of which £31m was raised in the quarter.....Read more here