Shares in N Brown (BWNG) dropped 8 per cent after the group said it will be forced to take another £35m-£40m exceptional charge in relation to historic customer redress over the selling of general insurance products. The new charges relate to the period between 2006-2014, with the majority of the redress falling between 2006 and 2011.
IC TIP:
Sell
at
283p
Bosses say this will affect cash flows from 2019 onwards, although the board has said it will try to take mitigating actions to reduce the cost of this redress programme.