SEVEN million people who were missold cover for bank and credit cards by York-based CPP can begin making claims from later this month, the City regulator has announced.
According to the Financial Conduct Authority, eligible customers who bought CPP – card protection plan – products will begin receiving claim forms this month, with the first payouts expected from late March.
The level of redress for each person will depend on the length of the time they had the products.
The FCA said customers did not need to use the services of a claims management company or law firm to complete a claim, but forms must be returned by August 30, after which claims will not be considered.
Clive Adamson, director of supervision, said: “If you believe you were missold one of these protection products, fill out and return the claim form to make sure you get your money back. Don’t put it off till the last minute.”
CPP was fined £10.5 million in November 2012 after regulators found it gave misleading and unclear information about credit card and identity theft insurance.