FCA confirms £1.3bn redress scheme for mis-sold card protection

Jenna Towler
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The Financial Conduct Authority (FCA) has reached an agreement with insurance provider Card Protection Plan (CPP) and 13 high street banks and credit card issuers which will result in a £1.3bn redress scheme for people mis-sold CPP's Card Protection and Identity Protection policies.

The regulator said 7 million people, who between them bought and renewed about 23 million policies, will soon receive a letter from CPP giving more information on the process. The redress bill coul...

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