CPP insurance mis-selling cost could hit £1.3bn, says FCA
The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan (CPP) and 13 high street banks and credit card issuers on the process for repaying customers who were mis-sold CPP’s Card Protection and Identity Protection policies.
According to the watchdog seven million customers, who between them bought and renewed about 23m policies, will soon receive a letter from CPP giving more information on the process.
It added that the bill for "redress" could be up to £1.3bn with the amount each customer received depending on the type of policy (or policies) they had and the length of time it was held.
The regulator detailed that the banks and credit card issuers involved had, subject to the approval of the High Court, agreed to
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