Northern Rock to refund £270m to customers

Staff at the part-nationalised bank failed to include key details in the loans' annual statements, including the amount which had been borrowed. The bank estimates that some 152,000 customers will receive £1,775 each. This amount reflects the interest that has been paid on the loans since October 2008. Errors were discovered following an investigation by UK Asset Resolution (UKAR), which looks after bailed-out banks for the government. "Northern Rock Asset Management is acting in accordance with its legal responsibilities and we are determined to do the right thing for customers an...