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

Jenna Towler

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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