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Nationwide takes £103m loans mis-selling hit
Nationwide has set aside £103m to compensate victims of loan insurance mis-selling after claims quadrupled in the second half of its fiscal year.
Britain’s second-biggest savings provider blamed aggressive claims management companies (CMCs) for pushing complaints which often turned out to be false and Chief Executive Graham Beale called on UK lawmakers to take a tougher stance against them.
“These false claims are undermining the process of dealing with the real claims and certainly incurring a high level of delay in the process and unnecessary costs so it does need to be addressed,” Beale said. “We haven’t really seen any movement from the Ministry of Justice to try to do something about this.”