The 13 biggest banks of the Britain have agreed a proposed reimbursement scheme and its mean that 7 million customer should get a share of $2 billion in compensation.
According to the Daily Mail, “CPP said 98 percent of customer involved gave a green light to the scheme it proposed in late August”
This marked the second stage in resolving the miss-selling scandal that lasted from 2005 to 2011. The next and the last step would be approval by the High Court, with the first compensation payments expected in the spring.
According to the Brent Escott (chief executive of CCP), “A key priority is to achieve the best outcome for customers affected by the historical issues in the UK, business and customer approval for the scheme marks a further step forward in this process.”
The insurance company CPP Group is accused of ‘greatly exaggerating’ the risk of characteristics theft in order to sell treatment customers didn’t actually need through high boulevard banks.
Once the scheme is finalized, qualified customers will be sent a form to apply for recompense of up to $500. CPP contracts expenditure up to $130 a year.
The CCP was fined $17 million on deceptive and unclear in sequence about credit card and identity theft insurance in November 2012. The insurance companies have lay down to the side around $110 million in order to pay for damages claims.
7 Million Customers Should Get a Share of a $2 Billion in Compensation
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