FSA hits CPP with joint-largest retail fine of £10.5m
The Financial Services Authority (FSA) has fined Card Protection Plan (CPP) £10.5m for mis-sellling insurance products, the joint largest retail fine ever.
It came after the FSA found ‘widespread' mis-selling of CPP's two main UK products between January 2005 and March 2011.
The regulator said CPP had failed to treat its customers fairly and did not provide clear information to its customers.
The credit card insurer has agreed to pay redress with some £14.5m set to be returned to customers, with the total bill - which includes the fine, compensation and costs - estimated at £33.4m.
Tracey McDermott, the FSA's director of enforcement and financial
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