UK Banks Reach $2B Deal Over Misleading Insurance Sales

Law360, New York (August 22, 2013, 2:21 PM EDT) -- More than a dozen mostly British banks and credit card companies have agreed to shell out as much as £1.3 billion ($2 billion) to compensate millions of customers misleadingly sold card protection and identity theft insurance policies, the U.K. Financial Conduct Authority announced Thursday.

According to the regulator, seven million customers had been sold nearly 23 million policies issued by Card Protection Plan Ltd. since January 2005 — when FCA predecessor the Financial Services Authority began regulating such insurance products — based on misleading and unclear...
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