Millions of consumers who were mis-sold Card Protection or Identity Protection products through Card Protection Plan Ltd (CPP) will be able to claim their money back as the redress scheme kicks in this month.
From mid-February, over seven million people who bought these insurance-style products from either CPP or their bank or card provider can begin to recoup compensation owed to them, the Financial Conduct Authority (FCA) announced today.
Clive Adamson, director of supervision for the FCA, said:
"If you believe you were mis-sold one of these protection products, fill out and return the claim form to make sure you get your money back. Don't put it off till the last minute.
"The FCA has worked closely with CPP, the banks and card providers to set up this consumer redress scheme. This is an important example of firms voluntarily coming together to meet our expectation that consumers get a fair deal."
These Card Protection and Identity Fraud products typically cost around £30 and £80 a year respectively, and the redress scheme covers payments dating back to 2005, so some people could be owed hundreds of pounds. Payments are expected to be made from late March.
Many customers were sold these products from overly-persistent, target-driven sales agents, some of whom did not even make it clear these were optional. Many products were unnecessary as banks cover fraud in most cases.
So, if you think you've been affected, how do you claim?
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