CYBG increase costs for PPI complaints

Company News

by Rachael Jones

CYBG (ASX:CYB) released a report today saying they are working to determine the final estimate of the volume on Information Requests and complaints to be processed regarding PPI.

The Board is announcing that it expects to increase its provisions for PPI costs by between £300 million and £450 million.

This is due to an increase in volume of requests during August before the PPI complaint deadline of 29 August 2019 and in line with the rest of the industry.

PPI is a protection insurance product which was aggressively sold by most of the large UK banks to people who either did not need it or could never claim against it.

CYBG is a holding company that owns Clydesdale Bank, Yorkshire Bank, Virgin Money UK and the app-based bank B in the United Kingdom.

Shares in CYBG (ASX:CYB) closed 1.97 per cent lower at $2.49 yesterday. 

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