Insurer CPP is the latest name in the mis-selling scandal to pay up to £1.3 billion sterling in compensation to customers for mis-sold credit card insurance. The Financial Conduct Authority (FCA) stated that approximately seven million customers who bought and renewed about 23 million policies will soon be contacted by CPP. The FCA had already issued a fine to CPP earlier in the year for £10.5 million for giving customers misleading and unclear information. Card protection insurance costs roughly £30 per year, with identity protection about £80 annually and in most cases both are optional extras.
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