New CPP redress scheme – customers have until August to claimThe total redress bill could be up to £1.3 billion
03 February 2014
If you are one of the seven million people who bought card protection and/or identity protection products from Card Protection Plan Limited (CPP) or from your bank or card provider, you can start claiming compensation from mid-February, the Financial Conduct Authority (FCA) announced today.
Claim forms will be sent to eligible customers during February 2014, and must be returned by 30 August 2014. The FCA has urged customers not to 'put it off till the last minute'.
Redress per person will depend on the length of time the customer held the product. The scheme covers sales and renewals of CPP products since January 2005.
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Who is eligible to make a CPP claim?
All customers who bought or renewed the card protection product since 14 January 2005 (when the FCA began regulating the sale of general insurance products) from CPP directly, or via their bank or card issuer, are covered. All customers who bought or renewed identity protection from CPP since 14 January 2005 by telephone are also covered.
How do I claim?
The FCA’s website has been updated to explain what customers should expect and what they need to do, and includes a list of participating providers. Customers do not need to use the services of a claims management company or law firm to complete the claim form. There will be a separate form to complete for each product held.
Not received a CPP claim form yet?
If you think you have a card protection and/or identity protection policy, and have not been contacted by the end of February, call the dedicated customer helpline on 0800 083 4393 (outside the UK dial +44 1144 520 800).