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Banks face new £200m mis-selling scandal after CPP fine

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Banks are facing another mis-selling scandal that could cost the industry £200m in compensation payments.

 

The UK’s high street banks are in talks with the Financial Services Authority after one of the industry’s main suppliers of credit card insurance was fined a record £10.5m and told to pay what could be £14.5m in redress to its customers. The compensation relates to 300,000 customers sold insurance by Credit Card Protection. However a much larger number of credit card holders, around 4.1m were sold the CPP product by their banks. If each of the banks’ customers were to get the same level of redress, around £48, the industry could be facing a £200m bill. CPP’s business partners include Royal Bank of Scotland, Standard Chartered, Yorkshire Bank, Barclays and HSBC. It is not certain that all the banks will be involved in compensation talks with the FSA.

 

 

CCP agreed the fine and compensation agreement following an 18-month investigation by the Financial Services Authority. The fine relates to “widespread mis-selling of CPP's two main [credit card insurance] products” between January 2005 and March 2011.

 

More: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9682373/Banks-face-new-200m-mis-selling-scandal-after-CPP-fine.html


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