Virgin Money UK leaps 24% after saying worst of insurance scandal is over

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Virgin Money UK leaps 24% after saying worst of insurance scandal is over
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Company suspends dividend and posts lower profit

A Virgin Money store in Manchester, the UK. Picture: REUTERS/ PHIL NOBLE

The owner of Clydesdale and Yorkshire banks said it had set aside £385m in the past quarter to cover costs related the mis-selling of payment protection insurance — a scandal that has cost the industry billions and continues to unsettle investors worried about more charges. “I can’t say that there’s not going to be any more provisions, but I am very confident the risk of a scale charge in relation to PPI is completely behind us.”

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