N Brown faces £40m bill after insurance product flaw

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Fashion retailer N Brown Group has stated that it expects to incur a charge of £35m to £40m after discovering a flaw in a previously sold general insurance product. The firm noted it had identified flaws in certain GI products sold to customers between 2006 and 2014, following a review launched after the Financial Conduct Authority (FCA) requested that firms ensure that GI products and add-ons offer value for their customers. The products were provided by a third party insurance underwriter.