Customers may be entitled to compensation if they were given misleading or unclear information when they were sold their card protection policy, such as:
- the policy said it covered you for up to £100,000 (figure varied over time) worth of unauthorised transactions that occur after you inform CPP that a card was lost or stolen.
But you did not need this element of the product’s cover, because the bank or card issuer was responsible for any transactions after your cards had been reported lost or stolen.
- the policy said it covered you for up to £5,000 (figure varied over time) worth of unauthorised transactions that occur before you inform CPP that a card was lost or stolen.
But we did not explain that you would only be liable for unauthorised transactions in limited circumstances, as your bank or card issuer would usually cover you for anything over the first £50 of those transactions.
Customers may also have other concerns with the way their card protection policy was sold to them.