CPP to pay £14.5m compensation - how to claim?
nunki
Posts: 2 Newbie
CPP were hit by a record FSA fine for mis-selling their identity theft insurance, by grossly overstating the risks as well as using pushy sales tactics.
MSE reported previously that they had seized to sell any of their products when the FSA investigation began earlier in the year. Now that the verdict is in, the total bill for CPP will be £33.4m - £14.5m of which will be compensation to customers.
Does anyone know how this compensation will be made available and what needs to be done to make a claim?
MSE reported previously that they had seized to sell any of their products when the FSA investigation began earlier in the year. Now that the verdict is in, the total bill for CPP will be £33.4m - £14.5m of which will be compensation to customers.
Does anyone know how this compensation will be made available and what needs to be done to make a claim?
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Comments
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CPP will contact all of the clients directly via its redress programme. All you need to do is to respond
http://www.fsa.gov.uk/library/communication/pr/2012/102.shtml0 -
I do worry about reactions when these things come out. I people have been misled into buying this cover and didn't know they had it, how come they can be so sure they are entitled to compensation as soon as something like this comes up? If they are that acutely aware they have a product then surely the fact they kept it implies they value it.
Not saying this is the situation of the OP, but more general musings.
The other problem is that issues like this mean that with the more traditional insurance products (ie not add-ons to other services) everyone assumes they've been "mis-sold" just because they haven't personally made a profit out of it. By its very nature an insurance product will pay out less than it takes in through premiums (operating costs and maybe profit if they're lucky). The fact that most people get less than they paid in is also the reason the few unfortunates can have their claim paid.
Also I remember CPP cover being offered to me several times on my credit card, I remember them being a bit pushy but taking no for an answer in the end. It was also around this point there was a lot of media attentionm about how much of the "cover" then credit card provider had to be on the hook for anyway. There does seem to be an issue of how much personal responsibility applies.0 -
When hubby had to activate his Nationwide Card, he must have been palmed off to CPP on the Nationwide advertised number - they gave the impression that he had to take the insurance to activate his bank card, despite me waving in the background and stating we already had similar on our home insurance, but they would not activate the card without him saying yes......as this was done just before going to work in the morning, and he was in a hurry to get things sorted.
I will be applying for a refund; and am also wondering whether Nationwide need a good slapping for using such bullyboy cowboys who pretend to be working for Nationwide.
Edit: do you think going to Nationwide for the refund would stir things up more than going to CPP???0 -
In March 2009 I had my Barclaycard hacked by a charity based in the USA, this was picked up by Barclaycard and the amount refunded however I was then contacted by CPP advising me to take out card protection. I duly did this as I felt vulnerable at the time due to the activity on my card. I was under the impression it was Barclays themselves selling this but obviously not. I was charged £69 but cancelled the policy when it was due for renewal. Am I entitled to get this money back? I know it isn't a huge amount but it is the principle of it all, and the fact that I didn't need it.0
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I have read the story in the press about cpp and, looking back at my records now realise I have had a policy ( protection against card theft roughly £35/yr) since May 2001
The press mentions mis-selling was from 2005 onwards
Does this mean I have no claim as I have never attempted to cancel (i.e. never
been persuaded not to) as I was unaware the policy duplicated cover with my banks0 -
Google the following everyone..
"CPP administration"
CPP Ltd have no money left to repay customers back all the money they have stolen from them. Me and my partner being one of them.
They are close to bankruptcy.
We have still put a claim in regardless so I will keep everyone posted.0 -
Hi,
I have recently tried to reclaim CPP dating back to Feb 2011. I cancelled the policy with CPP in February after it was automatically renewed. They refunded the renewal but I was told to reclaim previous payments from Barclaycard as I had bought the policy from them. I put in a complaint to Barclaycard but they are saying that I agreed to the policy during the online application so it was not mis-sold (this seems unlike me as I don't normally agree to extra cover and I remember a phonecall on activation -but there you go).
So firstly, was the policy not mis-sold if I agreed to it online (even though it is a fairly pointless product and must have made some claims of its worth for me to select it)?
Secondly, a further part of my complaint is that I never received any renewal notices because CPP didn't have my current address and Barclaycard who I took the policy with don't inform them of address changes. Do I have any redress on these lines and would I need to take the complaint back to CPP?
Cheers.0 -
Meanwhile the directors who perpetrated this get off scott free as usual. Plus ca change.0
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