UK Banks Owe Customers £1.3 Billion In Recompensation

UK credit card issuers are on the hook for £1.3 billion for selling the 23 million insurance policies sold by Card Protection Plan (CPP) to seven million customers, reports Mark Thompson for CNN Money.

UK banks refer customers to CPP

UK banks and other credit card issuers referred their customers to CPP for protection against identity theft and other forms of fraud, but the Financial Conduct Authority has ruled that the policies were sold using misleading and inaccurate information and that anyone who bought policies from 2005 on is entitled to compensation. Customers...