July 13, 2017 / 6:39 AM / 6 months ago

BRIEF-N Brown sees exceptional cost of 35-40 mln stg for potential customer redress

July 13 (Reuters) - N Brown Group Plc

* Identified flaws in certain general insurance products provided by a third party insurance underwriter and sold by co to customers between 2006-2014

* This follows review prompted by industry-wide request from FCA that cos ensure general insurance products and add-ons offer value for customers

* Vast majority of flawed products were sold in period leading up to, and including, 2011; sales of relevant products ceased in early 2014

* Expects to incur exceptional cost in this year’s income statement in range of 35 million stg- 40 million stg after assessment of cost of potential customer redress

* Cashflow impact of customer redress forecast to occur from FY19 onward; anticipates funding full cost of customer redress from existing resources

* Group anticipates that there may be mitigating actions to reduce overall net cost related to customer redress Source text for Eikon: Further company coverage:

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