BWNG Brown (n) Group Plc

TIDMBWNG

RNS Number : 4751K

Brown (N.) Group PLC

21 September 2016

21 September 2016

Update

FCA authorisation of wholly owned subsidiary JD Williams & Company Limited

N Brown Group PLC (the "Group") is pleased to announce that its wholly owned subsidiary, JD Williams & Company Limited ("JDW") has been granted full Financial Conduct Authority (the "FCA") 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.

Fit 4 the Future Systems Investment Programme

The Group's new USA web platform is scheduled to go live within the next few days, slightly later than planned. Learnings 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(th) October.

FY17 exceptional cost

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 GBP5-8m.

For further information:

 
 N Brown Group 
 Angela Spindler, CEO 
  Craig Lovelace, CFO 
  Bethany Hocking, Director 
  of Investor Relations            0161 238 1845 
 
 MHP 
 John Olsen / Simon Hockridge    0203 128 8100 
                                  NBrown@mhpc.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 21, 2016 10:03 ET (14:03 GMT)

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