Accessability Links
Job Search

CPP compensation payments approved

13 Jan 14 - 1:00PM  | Legal
CPP compensation payments approvedYork-based CPP is set to pay out millions in customers who were mis-sold insurance for bank and credit cards.

It is estimated around seven million people will be entitled to the pay outs after the package was supported by 98 per cent in a special vote held last week in London.

Approval is pending from the High Court but payments to customers are expected to start by spring this year. Compensation will range between £100 and £300 depending on how long each insurance policy was held.

In 2012, CPP was fined £10.5 million by the Financial Services Authority for the mis-selling of the insurance, which in many cases was not necessary as customers were already covered via their bank or credit card provider.

Brent Escott, group chief executive of CPP, said: "A key priority is to achieve the best outcome for customers affected by the historical issues in the UK business and customer approval for the scheme marks a further step forward in this process.”

The European Central Bank has confirmed it is currently investigating the sale of CPP insurance products in Ireland via Ulster Bank and the Bank of Ireland.

Find the latest compliance jobs with Barclay Simpson, leaders in compliance recruitmentADNFCR-1684-ID-801681404-ADNFCR
Related headlines
Fintech start-ups: How to tackle crucial in-house legal issues
Fintech start-ups: How to tackle crucial in-house legal issues
30-06-2016 Fintech start-ups are expected to significantly disrupt traditional financial services (FS) companies over the coming ye...
3 industries where in-house legal demand is growing
3 industries where in-house legal demand is growing
31-05-2016 We're almost halfway through 2016, and it's already shaping up to be an encouraging year for in-house legal recruitment....
Threats to rule of law 'harming businesses'
Threats to rule of law 'harming businesses'
29-12-2015 In 2015, the Magna Carta celebrated its 800th birthday, marking eight centuries since the first formal record of the rul...


Search More News
Open the calendar popup.
Open the calendar popup.

 
Ademijulo Obafemi-OlopadeConsultant, IT Audit
London
Alex JozsaIT Audit
London
Andrew WhyteManager, Internal Audit
London
Daniel ClosePresident
New York
Daniel FlynnManager, Internal & IT Audit
London
David HornsbyDirector, Banking & FS Internal Audit
London
David JarroldRegional Internal Audit, Risk & Control
London
Erin LeaderVP – Business Internal Audit
New York
Gareth CarpenterVice President
New York
Irma BoulderstoneBanking & FS Internal Audit
London
Russell BunkerAudit, Info Security & Technology Risk
Hong Kong
Steven DriverInternal Audit, Risk & Control
London
Tim SandwellDirector, Europe & Middle East
London
William WilcoxVice President
New York