Millions of borrowers who were mis-sold insurance against credit card fraud and identify theft will have to cast a vote if they hope to get a slice of £1.3billion in compensation. Insurance firm Card Protection Plan (CPP) has begun sending letters to seven million policyholders, asking them to vote on whether they want the compensation scheme to go ahead. It is unusual for a compensation payout, but the City regulator has made it clear it is a legal requirement in this case. A majority of those contacted must approve for the £1.3billion to be paid out. Critically, the policy values of those who do vote must add up to three-quarters of the overall amount of insurance sold. If the scheme gets the green light, policyholders will be sent claim forms next February along with instructions on how to submit them. However, the recompense will be available only for those who bought or renewed policies after January 14, 2005....Read more here

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