This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33974509
The article has changed 4 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Millions of bank card holders can now claim refund, says FCA | Millions of bank card holders can now claim refund, says FCA |
| (1 day later) | |
| Two million people who were sold unnecessary insurance for bank cards will soon be able to claim compensation, the regulator has said. | Two million people who were sold unnecessary insurance for bank cards will soon be able to claim compensation, the regulator has said. |
| The Financial Conduct Authority (FCA) said compensation forms would be sent out later this month. | The Financial Conduct Authority (FCA) said compensation forms would be sent out later this month. |
| The customers affected paid about £25 a year to protect themselves against their cards being lost or stolen. | The customers affected paid about £25 a year to protect themselves against their cards being lost or stolen. |
| But such cover was already provided by their banks. As a result, some people may be able to claim as much as £270. | But such cover was already provided by their banks. As a result, some people may be able to claim as much as £270. |
| The redress scheme, which was approved by the High Court in July, covers those who bought the product between January 2005 and August 2013. | The redress scheme, which was approved by the High Court in July, covers those who bought the product between January 2005 and August 2013. |
| The insurance was sold by a company called Affinion International, and was marketed under the following names: | The insurance was sold by a company called Affinion International, and was marketed under the following names: |
| The compensation will be paid by the banks who sold the products, including HSBC, Lloyds, Barclays, Royal Bank of Scotland, Santander and Tesco. | The compensation will be paid by the banks who sold the products, including HSBC, Lloyds, Barclays, Royal Bank of Scotland, Santander and Tesco. |
| The FCA said forms would be sent out to those affected during August and September, and they should be returned by 18 March, 2016. | The FCA said forms would be sent out to those affected during August and September, and they should be returned by 18 March, 2016. |
| Those who bought the product before January 2005 are not officially covered. They are being advised to complain separately to their provider. | Those who bought the product before January 2005 are not officially covered. They are being advised to complain separately to their provider. |
| The FCA pointed out that the redress scheme - known as AI- was the only official means of compensation. | The FCA pointed out that the redress scheme - known as AI- was the only official means of compensation. |
| CPP | CPP |
| Similar bank card protection policies were sold by another firm, called CPP. | Similar bank card protection policies were sold by another firm, called CPP. |
| The company was fined £10.5m in 2012 by the FCA's predecessor, the Financial Services Authority (FSA), after it was found to have used mis-selling tactics to persuade people they needed the insurance cover. | The company was fined £10.5m in 2012 by the FCA's predecessor, the Financial Services Authority (FSA), after it was found to have used mis-selling tactics to persuade people they needed the insurance cover. |
| CPP was also ordered to compensate those who bought such cover. | CPP was also ordered to compensate those who bought such cover. |
| However, the CPP scheme was closed to claims in February 2015. | However, the CPP scheme was closed to claims in February 2015. |
| Do you think you are owed compensation? Get in touch via haveyoursay@bbc.co.uk Please remember to leave your phone number if you are happy to be contacted by a BBC journalist. | Do you think you are owed compensation? Get in touch via haveyoursay@bbc.co.uk Please remember to leave your phone number if you are happy to be contacted by a BBC journalist. |
| Or comment here: |