Bank card insurance compensation scheme to open
Bank customers who were mis-sold insurance cover for lost or stolen bank cards will soon be able to claim compensation, the Financial Conduct Authority has announced.
Compensation forms are to be sent out later this month to customers sold policies by Affinion International when cover was already provided by their banks. The product was sold between January 2005 and August 2013 at a premium of about £25 a year.
The card security cover was marketed under the names:
- Card Protection
- Sentinel
- Sentinel Gold
- Sentinel Protection
- Sentinel Excel
- Safe and Secure Plus
The compensation will be paid under a redress scheme approved last month by the High Court in London, by the banks who also sold the product. These include Royal Bank of Scotland, Clydesdale Bank, Lloyds, HSBC, Barclays, Santander and Tesco.
Forms will be sent out to those affected during August and September, and should be returned by 18 March 2016.
A similar scheme relating to policies marketed by a separate company, CPP, closed earlier this year.