CPP Compensation can no longer be claimed through this scheme. If you had a similar product from Affinion and have had a letter from AI Scheme Limited see my Affinion blogpost and see Exceptions below to see if there is another way you can claim compensation.
UPDATE 3 October 2014
CPP compensation can no longer be claimed through the scheme except in the most exceptional circumstances. The deadline for those claims is 28 February 2015. The normal closing date of 30 August 2014 is long past and the Financial Conduct Authority has published the outcome of the scheme. It paid out only £450 million to just under 2.4 million customers, an average of £190 each. That is about one third of the number who were entitled to compensation and who were contacted by the scheme. And it is about a third of the £1.3 billion compensation bill that was expected. So the banks and other providers have once more got away with mis-selling profitable rubbish and keeping most of the proceeds. See my blogpost Misleading with Impunity.
UPDATE 3 FEBRUARY 2014
The Financial Conduct Authority formally launched the compensation scheme on 3 February 2014.
It admitted to me that 140,000 people bought these products from a firm that has not joined the compensation scheme. And the scheme does not include premiums paid before 14 January 2005. In both cases you can still make a claim to get them back through other channels. That process is explained below.
Although the FCA says it is 'compensation' in fact no compensation is being paid. You will just get back the premiums you were tricked into paying and taxable interest at 8%. So far no firm that colluded with CPP to to mis-sell these products has been fined. See my blogpost Misleading with impunity
If you paid a firm called CPP to insure your credit or debit card against loss or fraud you are almost certainly due compensation. And if you paid the same firm for ID theft protection you should also get money back. These products may have been sold under different names. But they will all have come through CPP.
In February 2014 the Scheme will send you a form to claim compensation for being mis-sold. You will get two forms if you had both credit card protection and ID theft protection.
If you claim compensation and you are still paying for the product your policy will be cancelled and any future payments will stop. The consensus is that these products offered little that was of use and were not worth the high premiums charged. Card protection insurance cost CPP 60p but it sold the product for around £35 a year. ID Theft insurance was sold for £84 a year but cost CPP £16.
- Premiums paid before 14 January 2005 are not covered by the scheme. That's because insurance was not regulated by the Financial Services Authority until that date.
- Similar card protection or ID theft insurance from other companies is not covered.
- Some CPP products were sold by firms that are not one of the 13 firms in the scheme which are listed above. They may be included later but it is best to put in a separate claim now and if it is refused go to the Financial Ombudsman Service.
- If your CPP product was sold as part of a packaged bank account.
YOU DO NOT NEED TO USE A CLAIMS MANAGEMENT FORM FOR THIS PROCESS EITHER.
If you have already claimed compensation and been paid then you cannot claim under the Scheme. If you claim was rejected then you still have a claim if you fulfil the scheme criteria. You should be sent the claim form. But if you have not received letters about the scheme late last year then contact the Scheme and make sure you are included.
If you claimed compensation on 22 August 2013 or later then your claim will not have been processed and you should have been told that by letter. You will be sent the claim form in February and should fill it in including the box about why you were mis-sold. It will be processed with all the others.
The CPP redress scheme
My blogpost Misleading with Impunity explains how the banks and card providers have got away with their part in this mis-selling.
The FCA statement on CPP redress scheme on 22 August 2013
The original FSA notice about the fine on CPP issued 15 November 2012
The full findings of the FSA on the misselling 15 November 2012
CPP claims 2.12