UK watchdog agrees compensation for mis-sold card insurance
LONDON Aug 22 (Reuters) - Britain's markets watchdog said it has reached a deal with insurer CPP, 13 high street banks and credit card issuers to compensate customers up to 1.3 billion pounds ($2.04 billion)for mis-sold credit card insurance.
"Seven million customers, who between them bought and renewed about 23 million policies, will soon receive a letter from CPP giving more information on the process," the Financial Conduct Authority said in a statement on Thursday.
"The involvement of the banks and credit card issuers reflects the fact that they introduced customers to CPP's products and so must share responsibility for putting things right."
It is the latest mis-selling scandal to hit Britain's banks who have been forced to increase their capital buffers partly because of huge compensation payments.
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