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Millions of bank card holders can now claim refund, says FCA – BBC News
Two million people who were sold unnecessary insurance for debit and credit cards will be able to start claiming compensation later this month. Source: Millions of bank card holders can now claim refund, says FCA – BBC NewsRead More -> Millions of bank card holders can now claim refund, says FCA – BBC News
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The customers affected paid about £25 a year to protect themselves against their cards being lost or stolen.
But such cover was already provided by their banks. As a result, some people may be able to claim as much as £270.
The redress scheme, which was approved by the High Court in July, covers those who bought the product between January 2005 and August 2013.
The insurance was sold by a company called Affinion International, and was marketed under the following names:
Card Protection
Sentinel
Sentinel Gold
Sentinel Protection
Sentinel Excel
Safe and Secure Plus
The compensation will be paid by the banks who sold the products, including HSBC, Lloyds, Barclays, Royal Bank of Scotland, Santander and Tesco.
The FCA said forms would be sent out to those affected during August and September, and they should be returned by 18 March, 2016.
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