Money saving advice from the FCA - only a few weeks left to claim CPP

Wednesday, 27/08/2014

Many people have been mis-sold card protection and identity protection by their banks. Millions of these people have been sent claim forms to get money back, but have not yet completed them or are not even aware they have been sent.
If there is a chance you have been mis-sold card protection or identity protection insurance it’s worth investigation - there’s £1.3 billion in compensation waiting to be claimed.

Claimants will need to act quickly however, as people who were mis-sold card protection and identity protection policies now have fewer than three weeks to get their compensation claims submitted to the Financial Conduct Authority (FCA).

Card protection cost around £30 per year and identity protection was significantly more expensive at £80 per year. Both of these products were widely mis-sold by Card Protection Plan Limited (CPP) and this led to a £10.5 million fine in 2012 as a punishment for these practices.

Last year however, banks, providers and CPP entered into the compensation package with the FCA that provides £1.3 billion in compensation for people who were sold the products.

The Director of Supervision in the FCA issued the money saving advice that compensation claim forms must reach the FCA by 30 August, but there is still time to claim. The FCA is recommending that those who have a claim act as soon as possible to ensure their claim is processed in time.

Clive Adamson, of the FCA, said: "The CPP redress scheme is drawing to a close but there is still time for people who have not claimed to do so. If you believe you were mis-sold one of these CPP protection products but did not get a letter or threw it away, contact the CPP Scheme helpline immediately and check whether you are eligible to claim.

Mr Adamson went on to say that the compensation process is very easy and transparent. Those who have been mis-sold the product and make a successful claim will get their money back with interest, regardless of which provider they bought the protection from.

Payday loans are not suitable for, and would be expensive as, a means of longer term borrowing and are not appropriate if you are in financial difficulty.

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