THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
N Brown hit by £40 million compensation bill for 'flawed' insurance products

N Brown, the owner of Simply Be, JD Williams and Jacamo, has said it expects to face an exceptional cost of £40 million for customer compensation relating to insurance products.

FASHION

N Brown hit by £40 million compensation bill for 'flawed' insurance products

N Brown, the owner of Simply Be, JD Williams and Jacamo, has said it expects to face an exceptional cost of £40 million for customer compensation relating to insurance products.

In a statement, N Brown said it had identified flaws in certain general insurance products which were provided by a “third party insurance underwriter” and sold by the group to its customers between 2006 and 2014.

The announcement follows a review prompted by a recent industry-wide request from the FCA that firms ensure that general insurance products and add-ons offer value for their customers. N Brown said the vast majority of the products were sold to the group's customers in the period leading up to, and including, 2011. Sales of the relevant products ceased in early 2014.

Following an assessment of the cost of potential customer redress, N Brown now expects to incur an exceptional cost in this year's income statement in the range of £35 million to £40 million.

The group will fund the compensation through existing resources.

N Brown said: “The group confirms that this matter will not impact its underlying operations, nor the risk profile of the group's current and future customer or debtor balances. The group continues to demonstrate strong underlying trading performance in line with its 20 June 2017 trading statement.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process