íItís b******sí: Founder of firm that mis-sold insurance to SEVEN MILLION customers gives his crude assessment of £1.3BILLION compensation order
By Becky Barrow, James Salmon and Hugo Gye | dailymail.co.uk
The founder of the controversial company at the centre of the banksí latest mis-selling scandal today blasted the deal to return £1.3billion in compensation to duped customers.
Around 7.5million people who were persuaded to buy useless insurance against identity theft for their credit cards will share in the payout, regulators said today.
13 of the biggest banks and building societies referred customers applying for cards to CPP, which sold Ďcard protectioní and Ďidentity protectioní policies, either directly or through the banking giants.
Today the firmís largest shareholder, Hamish Ogston, described the size of the compensation pot as íb******sí and a ííridiculous figureí.
He predicted that not all eligible consumers would claim for a refund, saying: íThereís never been a compensation redress scheme in history where itís been 100 per cent.íí
Mr Ogston, who owns 57 per cent of CPP but stood down from the board in June, accused the regulator FCA of ísensationalism, by quoting a huge 100 per cent rateí.
The policies cost up to £84 a year but were utterly meaningless. Customers do not need insurance for fraudulent transactions on lost or stolen credit or debit cards because they are not liable for unauthorised card payments, which are automatically refunded by their bank.
For example, a bank would send a new credit card to a customer, with a sticker on the letter asking them to telephone a number to activate the card.
When the customer called the number, they were put through to CPP, which activated the card but also took the opportunity to sell the useless insurance policies.
íCustomers were given misleading and unclear information about the policies so that they bought cover that either was not needed, or to cover risks that had been greatly exaggerated,í the Financial Conduct Authority said in a statement this morning.
íAs well as CPP selling directly to customers, High Street banks and credit card issuers introduced millions of customers to CPP.í
The banks involved in the settlement are Bank of Scotland, Barclays, Canada Square Operations (formerly Egg), Capital One, Clydesdale, Home Retail Group Insurance Services, HSBC, MBNA, Morgan Stanley, Nationwide, Santander, the Royal Bank of Scotland and Tesco Personal Finance.
Read the rest of the article at dailymail.co.uk
Latest News from our Front Page
Better Identification of Viking Corpses Reveals: Half of the Warriors Were Female
Shieldmaidens are not a myth! A recent archaeological discovery has shattered the stereotype of exclusively male Viking warriors sailing out to war while their long-suffering wives wait at home with baby Vikings. (We knew it! We always knew it.) Plus, some other findings are challenging that whole ‚Äúrape and pillage‚ÄĚ thing, too.
Researchers at the University of Western Australia decided ...
Off Your Knees, Germany! Ernst Zundel 1983 - 2003
For more information on the holocaust, how the war was forced upon Germany, and the REAL victims of the second world war see:
IRS Drops Attack For Six Years ‚Äď No Evidence of Jurisdiction
A big congrats to a friend I‚Äôve been working with for several years, he stood up to the predators commonly called the ‚ÄúIRS‚ÄĚ and they dropped their attack. Thanks also for providing me with the proof below.
The criminals called the ‚ÄúIRS‚ÄĚ initiated an attack claiming my friend was required to file six tax returns, or explain how he made ...
Into Eternity - Finland's 100,000 Year Massive Underground Spent Nuclear Fuel Program
Into Eternity is a documentary about a deep geological repository for nuclear waste. The concept of long-term underground storage for radioactive waste has been explored since the 1950s. The inner part of the Russian doll-like storage canisters is to be composed of copper. Hence in the case of Onkalo it is tightly linked to experiments on copper corrosion in running ...
SPLC Accuses Oath Keepers of Inciting ‚ÄúArmed Confrontation‚ÄĚ Over Sugar Pine Mine
The Southern Poverty Law Center has accused Oath Keepers of inciting an armed confrontation with BLM authorities over the Sugar Pine Mine dispute in Oregon, despite the fact that the organization has explicitly stated that it is not promoting armed confrontation with the feds.
In an article provocatively posted on the organization‚Äôs ‚ÄėHatewatch‚Äô section entitled Oath Keepers Descend Upon Oregon with ...
|More News » |