CPP upcoming issues...

[Bcarey1952]

At the minute there seems to be the start of another compensation/claim issue with CPP...I've been in contact with my bank (Ulster Bank, owned by RBS) as the policy I had with CPP was linked to activating an Ulster Bank credit card. I've also contacted CPP to register my initial complaint over the policy sold, now cancelled last year, but I had the policy since 2005 at least. Again I'm aware that CPP MAY contact it's customers in the New Year, but is there any current information around how such a complaint should be handled at this moment in time? What exactly are the formalities of making such complaints to the Banks and CPP now, or do we just wait and see what communication there might be?

[Bill-K]

Re: CPP upcoming issues...

Hi Bcarey, and welcome to you. Yes, the FSA recently announced that it considers CPP to effectively have been as much a scam as PPI. The difference, I think, is that it was more widely sold, but usually amounted to quite small amounts on an individual level (compared to PPI amounts). At present, my view is that, as it is insurance (just as PPI is) - then the FSA rules for PPI Redress - contained in the Policy Statement PS 10/12, Appendices 1 & 2, as the PPI Redress Handbook - will apply in the same way.

I have often recommended that people add CPP to their PPI reclaims. If it is being claimed separately, then I think it would be a good idea to send a claim letter, as I doubt if they will be in any hurry to contact potential claimants themselves.