Around 2 million people will be able to claim compensation for missold bank card insurance.
The Financial Conduct Authority (FCA) has stated that those that have been sold insurance unnecessarily will be contacted in order to claim black the cash they had paid out. Approximately 2 million people have paid around £25 per year for bank card insurance, protecting against loss or theft. However, this type of cover was already being provided by their banks.
How To Claim Compensation
It could be that you have been sold card insurance incorrectly, and if you did so between January 2005 and August 2013, you could be entitled to compensation. The BBC website has said that a company named Affinion International were the group selling the insurance, and were marketed under the following names:
Safe and Secure Plus
The FCA has stated that compensation claim forms will be sent out in the coming weeks, with this method being the only official way of claiming compensation.
Full information on whether you are entitled to compensation and how to claim can be found on the FCA website.