Studio Retail Group PLC Update on legacy financial services matters (5414N)
25 Settembre 2019 - 08:00AM
UK Regulatory
TIDMSTU
RNS Number : 5414N
Studio Retail Group PLC
25 September 2019
25 September 2019
Studio Retail Group plc ("SRG" or "the Group")
Update on legacy financial service matters
In line with the broader market, the Group's largest business,
Studio, saw the level of PPI information requests ("PIRs") and
direct complaints increase very significantly in the days leading
up to the 29 August 2019 deadline set by the FCA. This includes a
large block of previously unseen claims from the Official Receiver,
acting on behalf of bankrupt customers, received in recent weeks.
As with other lenders, we are evaluating the validity and quality
of these new claims.
Studio sold PPI policies until 2008 and undertook a proactive
customer communications process in respect of PPI between
2012-2015, paying out a total of GBP7.5m in refunds. The level of
ongoing PIRs and complaints after that process was low.
Subsequently, in March 2017, the FCA issued further guidance in
respect of commissions earned on historic PPI sales following the
Plevin decision in the Supreme Court. Studio wrote to affected
customers following that guidance, although the response and the
ongoing level of PIRs remained low until August 2019.
We are currently assessing the likely uphold and payment rates
in respect of the recent PIRs and complaints, and expect that the
majority of these will be rejected. However, we anticipate that an
additional provision of between GBP6 - 10m will be required in the
Group's interim results for the first half of the year, which will
be announced in late November. The majority of this is likely to
relate to Plevin refunds, rather than mis-sold policies, and
includes the cost of reviewing and administering the claims.
Enquiries
Studio Retail Group plc
Stuart Caldwell
Phil Maudsley
0161 303 3465
Tulchan Communications LLP
Will Smith
020 7353 4200
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