![]() ![]() This week the Financial Conduct Authority announced that 7million of their customers would soon receive forms to claim a share of up to £1.3billion in compensation.Ĭustomers, who typically paid £30 to £80 a year for fraud-protection policies, will receive their money back plus interest. The case has echoes of the scandal involving a British credit-card insurer called CPP, used by High Street lenders including Royal Bank of Scotland, HSBC, Barclays and Santander. Lloyds could be hit with another multi-million-pound compensation bill over fears that it mis-sold worthless insurance to thousands of its credit-card customers.įor years, the state-backed bank sold protection policies that promised to reimburse customers for fraudulent transactions if their cards were lost or stolen.īut the insurance – provided by the US firm Affinion – was worthless as banks are already obliged to compensate customers for fraud. Lloyds bank could be hit with another multi-million-pound compensation bill over claims of mis-sold insurance
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