N Brown has issued another disappointing redress update today, resulting in a further £35-40m exceptional charge. This follows on from a recent industry-wide FCA request around general insurance products. The new charges relate to 2006-2014, with the majority of the redress falling in the period 2006-2011. This will affect cash forecasts from FY19 onwards rather than the current financial year - although the statement refers to mitigating actions to reduce the cash cost of this redress programme ....
13 Jul 2017
N+1 Singer - N Brown Group - Further FCA redress payments to impact valuation by c3%
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N+1 Singer - N Brown Group - Further FCA redress payments to impact valuation by c3%
N Brown Group plc (BWNG:LON) | 15.8 0 (-1.8%) | Mkt Cap: 73.1m
- Published:
13 Jul 2017 -
Author:
Matthew McEachran -
Pages:
3
N Brown has issued another disappointing redress update today, resulting in a further £35-40m exceptional charge. This follows on from a recent industry-wide FCA request around general insurance products. The new charges relate to 2006-2014, with the majority of the redress falling in the period 2006-2011. This will affect cash forecasts from FY19 onwards rather than the current financial year - although the statement refers to mitigating actions to reduce the cash cost of this redress programme ....