CPP Reclaims - Reclaiming mis-sold CPP Insurance

[tastyjane]

I have realised that I have been making a payment annually from my bank account for around the £43.00 mark; I remember receiving a phone call from one of my credit card companies (I am pretty sure it was Capital One) back in the early 2000's and them selling me a card protection scheme which covered all my credit cards. Obviously this has been absolutely useless to me but I have no details of who the company is, the only details I have is that a payment is taken from my current account in May each year and the reference is Card Protection CD 5855.

I have actually just remembered to cancel this payment for this year and although the chap on the phone was very helpful he could only see the retailer as Card Protection. Just a long shot but has anyone ever heard of anything like this before? Niddy signposted me in my SB thread to an article about this type of insurance and I recon I would stand a chance of getting a refund but I have to work out who it is with first!

Jane x

[ken100464]

Re: Not sure if anyone can help me

Jane

Its probably CPA. We have one with Barclays and have complained to them. They are looking into it and hopefully will reply in a couple of weeks.

CPA was the major company selling it and is based in Hull and was fined last year £10million by the FSA for miss-selling the product. However last week it was being reported they looked like they were just about to go bust.

They are supposed to be contacting everyone who they sold the product to. As they hadnt contacted us we decided to be proactive and contacted Barclays just incase it was one of the lesser companies that did it. Also because I dont trust any financial company to put much effort into finding you if they owe you money.

Could you ask you current bank who the payee was? And start from there? If its Cap One then ask them for it back. They all have slopey shoulders so if another one has been fined am sure they will be passing your details on with glee.

[tastyjane]

Re: Not sure if anyone can help me

Thanks Ken,

I did ask my bank but they just have the reference Card Protection CD 5855.

I have just F&F settled my Capital One accout via Lowell's so not sure how communicative they will be with me :-). I might try ringing CPA as I have changed address since it started charging me and I wouldnt have let them know as I dont have any paperwork at all... might try and blagg it with them to see if they can change my address first and then hit them for a refund

Jane x

[tastyjane]

Re: Not sure if anyone can help me

Ken do you have any contact details for them? I cannot find them on the net

Jane x

[Never-In-Doubt]

Re: Not sure if anyone can help me

CPP were / Are the biggest

--> CPP Life Assistance Products & Airport Angel Membership

CPP got fined a few million. Maybe slight confusion....

[tastyjane]

Re: Not sure if anyone can help me

Just phoned them Niddy - yes my policy was with them!! I have now cancelled it and so the £42.99 will not come out in May but I took it out in 2001! Over £500 worth of premiums!!

Going to look if I can reclaim anything.... really chuffed another thing ticked off my head in the sand list

Jane x

[Never-In-Doubt]

Re: Not sure if anyone can help me

Yea reclaim it back

[ken100464]

Re: Not sure if anyone can help me

CPA is what is on my statements my apologies it was CPP. Glad you have it traced.

Exert from the FSA about the fine.

CPP has also agreed to pay redress and estimates that around £14.5 million will need to be paid to affected customers, but this could change depending on how many customers respond to CPP's contact exercise. CPP has estimated that the total costs of the FSA's investigation will be £33.4 million which includes the fine, redress and the costs associated with the investigation. The fine is for all types of sale made by CPP while the focus of the redress exercise is CPP's direct sales.


The FSA found widespread mis-selling of CPP's two main UK products between January 2005 and March 2011. CPP failed to treat its customers fairly and did not provide clear information to its customers:

• CPP sold its Card Protection product by emphasising that customers would benefit from up to £100,000 worth of insurance cover - when this was not needed because customers were already covered by their banks; and
• CPP overstated the risks and consequences of identity theft during sales of its Identity Protection product.

CPP sold Card Protection and Identity Protection through its own sales channels, or through a partner, such as a high street bank, which introduced its customers to CPP. Card Protection cost about £35 a year while Identity Protection cost about £84 a year. In total, CPP sold 4.4 million policies and generated £354.5 million in gross profit.
In the period in question, 18.7 million policies were renewed which generated an income of £656.5 million. Following FSA intervention in early 2011 CPP has improved its renewal process and extended the cooling off period during which customers can change their minds about buying the product from 14 days to 60 days.
CPP agreed with the FSA requirements to stop new sales of products (apart from where the insurance is sold as part of a package) and to stop trying to keep customers who call to cancel their policies. The FSA has required CPP to appoint an external 'skilled person' to monitor and report on its claims and complaints handling.


The FSA found that CPP's sales process focussed on sales, revenue and commercial objectives at the expense of treating customers fairly. The FSA's investigation revealed that:

• CPP sales agents were encouraged to be overly persistent in persuading potential customers to purchase the products even after they had made it clear that they did not wish to buy them;
• CPP gave its sales agents targets for successfully dissuading customers who contacted CPP to cancel their policies;
• CPP did not prevent sales agents telling customers to buy the products on the basis that customers could cancel them during the cooling-off period; and
• CPP renewed and took payments from customers without reminding them when it did not have current addresses and could not send renewal documentation.

Customers generally do not need insurance for fraudulent transactions on lost or stolen credit and debit cards because they are not liable for unauthorised card payments - apart from in exceptional circumstances. However CPP continued to sell Card Protection by emphasising this insurance aspect of the product

Notice the timescale and also the fact they should be contacting the customer.

If yours is 2001 suspect this will be the first wriggle as outside the FSA timeframe.

But defo worth a try and the reason we on at it with Barclays.

[tastyjane]

Re: Not sure if anyone can help me

Yes Ken, I noticed the dates so I wonder if I do have any reason to reclaim? I have asked him to send me a copy of the policy document to see what they were promising me.

Jane x

[ken100464]

Re: Not sure if anyone can help me

I would as Niddy says get reclaiming.

Use similar/same arguments as the FSA have fined them for.

My date pointer was just that they may try and fob you off first letter back saying you outside the time.

But the time is just a snapshot the FSA looked at. They werent being good boys up till January 2005 then went bad just to return to being good after March 2011. Thats what we have used as our excuse hmmmm complaint

Thats why the FSA fined them so heavily. Its because they were bad throughout.

With this one I think claims will be timebarred. Not because the bank or regulator says so, more that CCP will go bust and then if we get anything it will be penny in pound time. Last I read they were trying to get a line of credit from the banks to stave off administration.

Nice to know the owner sold up most of it and is worth £300+ million. Even if me and you remove a few hundred quid from his company I doubt he is going to have to shop at Aldi anytime soon.

[ken100464]

Re: Not sure if anyone can help me

Update.

Barclaycard coughed and we are getting a refund of the CPP.

Not a fortune but better in our pockets than theirs.

Wow one letter with evidence we had it. (Old statement)

Got to give Barclaycard credit for that no ducking or diving or merry dance.

Nearly willing to change my avatar. mmmmmmmmmmmm nope I like it.

[tastyjane]

Re: Not sure if anyone can help me

Wow interesting Ken - the only evidence I have at the moment is the payment going out of my bank account in May since 2001 - I have asked them to send me the policy documents (which I didn't receive when I took it out). This seems a stand alone policy, sold on the back of my Capital One card so I am assuming I am going to have to apply direct to CPP for the refund....

Will give them a few days to send the policy through, if I don't get it I will write to them directly - who should I send it to do you think?

Jane x

[ken100464]

Re: Not sure if anyone can help me

We had 2 statements from 2002/2003. The account was well closed maybe 2006 time. Had to write to the CEO to get our SAR details. Was looking for PPI but didnt have it just these random payments listed as CPA hence my confusion earlier in the thread.

So we wrote one letter to Barclaycard and said oi we want our dosh back because of this here scandal with CPP. Enclosed a copy of one statement showing this charge.

Barclaycard wrote back 4/5 weeks ago saying they were looking into it and asked for more time. Till end of April.

Today they have written to say yep we agree and yep heres your money.

Not thousands but over a hundred which considering we got the SAR for free cause we complained to the CEO and got £50 for that complaint has been a nice surprise.

If you get a policy then no harm in chasing CPP direct. We werent sure as ours said CPA.

But from our experience defo worth chasing. If the policy is not forthcoming then write to Cap One asking for the refund off them. Banks have slopey shoulders. If they can pass it on they will for sure if they get out of paying.

[tastyjane]

Re: Not sure if anyone can help me

Thanks Ken,

I think I will have to go direct as I really cannot be 100% it was on the back of the Captial One card, but to be honest if I don't try they aren't going to just send it back are they CPP must have a complaints department or compliance - I will direct my first letter to them, so cross with myself, over £500 in premiums for what was a totally useless insurance. I remember during the call they frightened me to death about my identity being stolen because we had the internet!

Jane x

[vasarely]

Re: Not sure if anyone can help me

If you get a policy then no harm in chasing CPP direct. We werent sure as ours said CPA.

But from our experience defo worth chasing. If the policy is not forthcoming then write to Cap One asking for the refund off them. Banks have slopey shoulders. If they can pass it on they will for sure if they get out of paying.

Are CPP a separate company then? Should the reclaim be addressed to them rather than the bank you had the accounts with? Can you SAR CPP? Anyone got the address?

Lots of questions...