Have you been mis-sold credit card insurance? It’s payback time…

August 22nd, 2013 5 Comments By Lucy Sweet

7 million customers could be due up to £300 compensation each for the scandalous mis-selling of credit card insurance cover by Britain’s biggest banks. 13 banks have signed up to the compensation scheme, which amounts to £1.3bn.

credit card 300x188 Have you been mis sold credit card insurance? Its payback time...

The banks referred customers to insurance company CPP, which sold them pointless policies – like ID theft cover – that the city regulator says aren’t worth the paper they’re written on. The big banks – Santander, Barclays, RBS, HSBC, Tesco and MBNA – managed to co-erce 4.4 million suckers into buying the ID protection policy, which was already covered in the terms of conditions of the credit card.

Customers who took out the cover, dating as far back as 2000, will be entitled to the amount they paid for their policy since January 14 2005, plus 8% interest on any sum they owe.

Barclays are the worst culprit, which is a bit embarrassing for its new chief exec Anthony Jenkins, who appears to have merrily stood by in his previous role as CEO of Barclaycard and let it all happen.

As for CPP, they’ve already been fined £10.5 million by the Financial Conduct Authority, and this latest bout of compensation could put it out of business.

FCA’s chief exec Martin Wheatley said: ‘We believe this will be a good outcome for customers who may have been mis-sold the card and identity protection policies. Subject to CPP’s customers approving the scheme, these policy holders will be able to claim a full refund of premiums with interest.’


Comments (5) Jump to most recent comment
  1. Posted by Andy Andy August 22, 2013 at 6:05 pm

    shit article

  2. Posted by Dr Brian Badgertwat August 22, 2013 at 8:28 pm

    Bitterwallet should compensate its readers.

  3. Posted by fibbingarchie August 22, 2013 at 9:52 pm

    Being mis-sold = being a gullible twat who doesn’t care enough to check that what they’re buying is needed or relevant.

  4. Posted by hotmail ruuules! August 22, 2013 at 10:13 pm

    @Andy pandy

    you think this article is good for shitting to?

    i thought it was a bit long for that but then i don’t have the problem of having my head stuck up my arse slowing me down.

    that is all, you may return to your pointless life.

  5. Posted by Teddy Edward August 27, 2013 at 12:40 am

    You’ve certainly made up for lost time since then, monty.

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