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NFG subsidiaries enter administration due to PPI sales

Two companies in the Norton Finance Group (NFG) have entered administration as a result of the Payment Protection Insurance (PPI) scandal.

Norton Finance and Norton Insurance Services have declared insolvency.

In a statement, NFG directors said they were shutting down these subsidiary enterprises "with reluctance" and both firms had enjoyed successful trade for 38 years.

However, this altered when "the regulations surrounding selling of payment protection insurance changed retrospectively last year", the statement continued.

Norton Finance and Mortgages acquired the business and therefore all employment positions within the organisations are to be protected, it added.

Duff & Phelps was contracted to administrate the companies through this transition.

Jimmy Saunders, from the administrative specialists, explained to Insolvency News that there were no assets, although there was a PPI liability.

The rest of the company is "perfectly profitable" and a small team of workers had been hired to deal with PPI claims have been transferred to other positions, he added.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801306304-ADNFCR

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