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N Brown unit granted FCA authorisation

21 September 2016 15:15

N Brown Group's wholly owned subsidiary, JD Williams & Company, has been granted full Financial Conduct Authority authorisation.

In April 2014, the consumer credit industry saw a change in regulator from the Office of Fair Trading to the FCA.

At the time, companies were granted interim permissions and were allocated a 'landing slot' where they could apply for full FCA authorisation.

Today's announcement marks the successful completion of the application process and confirms JDW's full FCA authorisation.

The group also says its new US web platform is scheduled to go live within the next few days, slightly later than planned.

It says lessons from this launch will be incorporated into the plan for the roll out of the new UK web platform and Financial Services system. This will result in a change to the previously communicated timetable. We anticipate being able to provide details of this change, including any resulting increase in costs, when we announce our half year results on 11 October.

The group has identified an error in relation to its previous calculation of financial services customer complaint redress. We have notified the FCA accordingly and we are undertaking a detailed review. We currently anticipate that this will result in an exceptional cash cost of £5-8m.

At 3:15pm: (LON:BWNG) Brown N Group PLC share price was -3.4p at 186.6p

Story provided by StockMarketWire.com

Related Company: BWNG

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