UK FSA Hits Card Protection Plan With Record $16.6M Fine

Law360, New York (November 15, 2012, 5:27 PM EST) -- The U.K. Financial Services Authority said Thursday it has fined Card Protection Plan Ltd. a record £10.5 million ($16.6 million) for selling insurance products consumers didn’t need and overstating risks consumers might face if they didn’t buy the products.

According to the watchdog, CPP has also agreed to pay damages and estimates that around £14.5 million will need to be paid to affected customers, depending on how many customers respond to CPP’s notice to consumers.

The FSA said CPP has estimated the agency’s investigation will end...
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