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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.

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