People in Rugby who are among the seven million people mis-sold card and/or identity protection policies are being advised by Trading Standards to keep all their compensation and not pay a claims management company.
Warwickshire County Council Trading Standards Service is already aware of a number of claims management businesses that have begun to offer assistance to bank and credit card company customers who bought or renewed one of 23 million CPP policies.
Claims management businesses will usually take a cut of a consumer’s compensation award and this could be as much as
30 per cent.
Trading Standards officers want to ensure that Warwickshire consumers keep all the compensation they are entitled to
and are therefore reiterating the advice of the Financial Conduct Authority that consumers “will not have to use and pay a company to claim compensation” on their behalf.
CPP policies were sold to consumers as protection against card loss or identity fraud. But in many cases cover was
already provided by the card issuer free of charge and the risks to consumers were exaggerated.
Visit fca.org.uk for more information.