Bradford & Bingley plc has announced its preliminary results for the full year ended 31st December 2005.
One particular problem area referred to in the report is that, throughout the market, the level of complaints from mis-selling of endowment and investment products has considerably exceeded expectations and B&B has not escaped this trend.
Accordingly, in common with several other banks, a charge has been made in this year's accounts of £38.7m (2004: £37.1m), which is based on their best estimate of the total liability for future claims, using current experience and analysis of the total population of products sold. The Group no longer provides independent advice on investment products.
