Banks in £1.3bn insurance mis-selling pay-out scheme
The Financial Conduct Authority has reached an agreement with Card Protection Plan Limited and 13 high street banks and credit card issuers that will pave the way for redress to be paid to customers who were mis-sold CPP’s card protection and identity protection policies.
The insurance products, card protection, which cost approximately £30 per year and identity protection, which cost approximately £80 per year were widely mis-sold by CPP, resulting in a £10.5m fine in
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