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15/11/2012
Banks To Face Millions More In Compensation Payments
Britain's major high-street banks could be forced to pay out millions more in compensation to customers for a widely mis-sold card protection product, in the ongoing PPI scandal.
The Financial Services Authority is in discussion with the banks about how this could be paid after the watchdog announced it had hit identity theft and credit card insurance company CPP for £33.4m in fines and compensation to customers.
Of the £33.4m, CPP is provisionally putting aside £14.5m to be paid to customers mis-sold its card protection and identity protection products between January 2005 and March 2011. However, this only covers direct sales made by CPP; the vast majority of sales were made via high street banks including Santander and HSBC.
A number of the banks "introduced" their customers to CPP by affixing a sticker to new credit or debit cards sent to customers. The sticker prompted the customer to call a number, which was CPP's, either to activate the card or to confirm receipt of it. When the customer did ring, CPP also used the opportunity to offer card protection and/or identity protection to the customer.
"While CPP's products were relatively inexpensive, they were sold widely and CPP encouraged its sales agents to be overly persistent," Tracey McDermott, the FSA's director of enforcement and financial crime said. "This exposed a very large number of customers to the unacceptable risk of buying products they did not want or need."
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The Financial Services Authority is in discussion with the banks about how this could be paid after the watchdog announced it had hit identity theft and credit card insurance company CPP for £33.4m in fines and compensation to customers.
Of the £33.4m, CPP is provisionally putting aside £14.5m to be paid to customers mis-sold its card protection and identity protection products between January 2005 and March 2011. However, this only covers direct sales made by CPP; the vast majority of sales were made via high street banks including Santander and HSBC.
A number of the banks "introduced" their customers to CPP by affixing a sticker to new credit or debit cards sent to customers. The sticker prompted the customer to call a number, which was CPP's, either to activate the card or to confirm receipt of it. When the customer did ring, CPP also used the opportunity to offer card protection and/or identity protection to the customer.
"While CPP's products were relatively inexpensive, they were sold widely and CPP encouraged its sales agents to be overly persistent," Tracey McDermott, the FSA's director of enforcement and financial crime said. "This exposed a very large number of customers to the unacceptable risk of buying products they did not want or need."
(H)
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22 August 2013
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The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers, that will pave the way for redress to be paid to customers who were mis-sold CPP's Card Protection and Identity Protection policies.
Customers To Be Reimbursed Following Mis-Sold CPP Card Protection
The Financial Conduct Authority (FCA) has reached an agreement with Card Protection Plan Limited (CPP) and 13 high street banks and credit card issuers, that will pave the way for redress to be paid to customers who were mis-sold CPP's Card Protection and Identity Protection policies.
26 September 2013
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly. It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period.
Mortgage Customers To Be Compensated For Banks Error
Thousands of mortgage customers of Clydesdale and Yorkshire Bank are to be compensated following a ruling that they were treated unfairly. It is understood that the bank miscalculated some 22,000 customers' variable rate home loans, with the customers subsequently paying too little over a four-year period.
08 October 2003
M&S backtracks over &More credit card after OFT probe
Marks and Spencer Financial Services (MSFS) has changed the way it will offer to replace its store cards by the &More credit card after action by the Office of Fair Trading. MSFS had sent out letters to many card holders saying that its store card would automatically be replaced by the &More credit card unless card holders objected.
M&S backtracks over &More credit card after OFT probe
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01 September 2015
Contactless Card Payment Limit Increases To £30
The limit on contactless card payments has increased from £20 to £30, the UK Cards Association has announced. Payment terminals are being updated to accept the new limit from today Tuesday, 1 September. The move comes as figures reveal contactless spending rose from £287m in January to £567m in June. In total, £2.
Contactless Card Payment Limit Increases To £30
The limit on contactless card payments has increased from £20 to £30, the UK Cards Association has announced. Payment terminals are being updated to accept the new limit from today Tuesday, 1 September. The move comes as figures reveal contactless spending rose from £287m in January to £567m in June. In total, £2.
13 January 2011
British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
British Gas Invests For Vulnerable Customers
British Gas have announced that it is making a new investment of £37 million in support for its vulnerable customers. Each customer on British Gas' Essentials social tariff will receive £50 as a credit on their winter bill. Prepayment customers will receive the credit direct to their meter.
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
