Banks and credit companies were today hit with a £1.3bn bill for mis-selling policies from the Card Protection Plan (CPP) Group:
- The CPP is a British company offering "life assistance products"
- These include protection against loss, theft and fraudulent use of financial cards, identity theft protection, phone protection insurance and travel assistance
- Its Airport Angel product gives members access to airport lounges
- Many banks sold CPP products protecting against identity theft and card fraud, but these were useless to customers because they were already covered by their bank.
- Banks received a commission for selling CPP products
- In November 2012, the CPP was fined £10.5m for the mis-selling of its products
- The CPP employs more than 1,000 people at its York base, but in March it asked staff to consider voluntary redundancy to reduce operating costs
- The firm's share price has plummeted since the FSA's probe into its products.
More top news
The story of the years preceding Mohammed Emwazi's arrival in Syria is a complex one.
Staying blustery for the next 24 hours with strong winds driving some rain, sleet and snow from west to east tonight.
The mother of murdered Boris Nemstov's girlfriend is worried her daughter is being treated as if she had something to do with the killing.