Findel issued an intra-day RNS yesterday, updating its redress estimate for historical flawed financial services products. Compared to the £17.7m provision as at Nov’16, the update increases the provision to £29m, of which £4m has been refunded to date. Whilst the provision has increased by £11m, Findel expects the redress to be more evenly balanced to account balance refunds than previously assumed. This reduces the adverse effect on ND forecasts to £6m in FY19, with no changes being made to FY ....
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N+1 Singer - Findel - Update on customer redress programme
- Published:
30 Mar 2017 -
Author:
Matthew McEachran -
Pages:
3
Findel issued an intra-day RNS yesterday, updating its redress estimate for historical flawed financial services products. Compared to the £17.7m provision as at Nov’16, the update increases the provision to £29m, of which £4m has been refunded to date. Whilst the provision has increased by £11m, Findel expects the redress to be more evenly balanced to account balance refunds than previously assumed. This reduces the adverse effect on ND forecasts to £6m in FY19, with no changes being made to FY ....