Card Protection Refunds – CPP

In 2014 in Ireland  there was a review of Payment Protection Insurance  (PPI) – which resulted in thousands of people getting premium refunds because they were mis-sold the policies.
In 2015 we had another uncovering of  further insurance  misselling in Ireland   – this time is was Card Protection Policies  (CPP).

It is estimated that about  160,000 people could have been sold these CPP policies in Ireland – and with  the  average policy costing €42 a year it could mean total payouts of u pto €40 million. (About €250 per claim)

Thousands of people will have been sent letters in April and May 2015 from Bank of Ireland, Ulster Bank and MBNA offering the chance to claim refunds – DO NOT IGNORE THESE LETTERS.

Card Protection was offered as an optional policy which was supposed to offer financial protection in the event of card loss or fraud.  It turns out that most of the cover provided was useless – because in the case of card loss, fraud or theft – the banks or card providers would have covered all or most of the loss anyway.

In the UK  a €1.5 billion compensation deal for seven million customers has been agreed by the banks after investigation by the Financial Services Authority.
A company called Card Protection Plan (CPP) sold the card protection policies. . The UK  Financial Conduct Authority (FCA) ruled that many of these products were mis-sold and fined CPP £10.5m in November 2012. It was found that there was  widespread mis-selling of  Card Protection Insurance  , with CPP  aggressively selling the  insurance to customers who made it clear they did not wish to buy. Many of the sales  were made when customers received their new cards with a sticker on the letter asking them to telephone a number to activate their card.  They were put through to CPP who activated the cards but also took the opportunity to sell them the insurance.

In Ireland these CPP policies were provided by a company called  Homecare Insurance Limited, which is a subsidiary of the CPP Group . The Central Band of Ireland found that  customers  may have been provided with insufficient information when the policies were  sold  – as the product contained an element of cover for unauthorised use which was not required, as certain events were covered by the card scheme.

So – the Central Bank of Ireland have requested that  Homecare Insurance Limited and its partner banks should  offer all affected customers the opportunity to submit a claim for compensation. The banks and card issuers involved are writing to all the affected customers – inviting them to make a claim for compensation. All the letters should be sent out by May 15th 2015 . The card providers involved are : Bank of Ireland, Ulster Bank and MBNA.

All customers in Ireland who were sold  a CP policy from August 1st 2006  that was provided  by Homecare Insurance could be entitled to compensation.  The letters will  offer customers the choice of making a claim for the amount of policy premium paid since August 1st, 2006. (This date was chosem because it is the date the consumer protection code came into force.)

It is estimated that about  160,000 people could have been sold these CPP policies in Ireland – and with  the  average policy costing €42 a year it could mean total payouts of upto €40 million. (About €250 per claim)

The forms being sent by the providers ask the customer to provide a reason why they are entitled to a refund of the policy premiums.   The main reason that should be entered is that you were sold  the protection policy even though your bank / card provider  already covered you for losses due to fraud or unauthorized card use.

Important Information

If you get a  letter/claim form from your bank about your card protection policy – you must complete it , sign and return it  for you to be considered for any refund. The closing date is the 24th of July 2015. Any claims received after date will not be considered under the redress scheme

Contact Details for CPP Refunds

MBNA  : Republic of Ireland: 0719 656 611  (Overseas: +353 719 656 611)
Address:  – MBNA CPP ,7th floor , 2 Park Place , Hatch St , Dublin 2

Ulster Bank  Telephone: 1800 283 062. or Overseas: +44 2890 538721.

BOI    1890 251 251  or    +353 56775 7303

19 thoughts on “Card Protection Refunds – CPP

  1. Hi, I have a card dating from 2000 to 2002. Will i be able recoup any of the monies taken in CP or PPI?

  2. Hi, I have card protection on a credit card from MBNA going back some years. I am a sole trader and applied for my credit card when MBNA were sending out application forms to other household members with their bills. I cannot remember if I requested card cover when filling in the application as it is pre 2006. Have I any comeback with regards the protection cover?.

  3. Hi, I lost the pre-addressed envelope that came with my claim form. Can anybody tell me if the the postal address the for the forms the same as the MBNA company one. ( PO Box 1004 etc. in Chester)?
    Thanks,

    • Seamus – why not ring them on the Irish number 0719 656 611 and ask them. Let us know what they say. Thanks

      • Thanks – I called that number and they gave me this address. Good thing as it wasn’t given anywhere on the material that came in the post.
        MBNA CPP
        7th floor
        2 Park Place
        Hatch St
        Dublin 2

  4. I have a Tesco credit card and have paid this cpp for years, do I have any come back with them? Or is it just the cards mentioned?

    • The policies that were reviwed by teh Central Bank were sold by Homecare Insurance (who did not work with Tesco). But – if you feel you were missold the policy by Tesco or any other provider and it is not providing cover that is already available from Visa – then you should make a complaint , ask to cancel the policy and ask for a refund of all the premiums. If you don’t get a response – then go to the financial ombudsman.

  5. The cpp cert shows I paid into policy since 1999, the bop claims form only covers from Aug 2006, as the boi is processing the claim s form can I claim from 1999 , regards Ken

    • The regulations covering misselling only came into force in 2006 – that is why there is a cut off point. You could try making a complaint direct to the bank about payments prior to 2006 and see what they say.

  6. we had an mbna card but cancelled insurance after year or 2 ,not sure of dates ,if we don’t hear from them does that mean we are not entitled to refund ..from Ash

    • Tbe expectation is that they will write to anyone who had a cpp policy active during any time after Aug 2006 . If you don’t hear by may 21st – then they will not be writing to you. You can contact them with details of your card if you think your protection insurance was active after aug 2006.

  7. MBNA have been taken over by avantcard does this make a difference

    • It is MBNA that sold the policies – not Avantcard. So MBNA are dealing with the refund claims.

  8. Hi, I got a letter from bank of Ireland, but it says “If you claim” you can never get PPI cover again.
    If i understand that you saying, I am covered anyway, if I do claim a refund and it is covered, and cannot get PPI, that that is not a worry, say for example my card is stolen.
    I found it very manipulative as a statement, the letter it sells you the benefits of PPI and then says if you claim, you are screwed, so it’s fear mongering. Can i complian ot the ombudusman about the way the claim is laid out? The communication is very manipulative.
    any help appreciated, thanks,
    h.

    • The card protection policies are fairly useless – so I wouldn’t worry about cancelling it. That is why they are offering refunds – because the cover provided in most cases is already provided automatically for free by the card provider.

  9. is it only BOI, MBNA and Ulster or were AIB involved also ?

    my PPI is with AIB and now that I hear the products were mis-sold I think I may be entitled – primarily because I’m self employed and have been since before I was signed up for PPI – I didn’t know anything about it and do not recall being told it was optional, I recall telling the guy in the bank that I was self employed and he told me to put in my main employer/contract as my employer, I also believe I was mis-sold PPI on a loan by AIB ….is it still possible to claim for this ? or do I need to go the legal route, I still have all my documentation (somewhere).

    • Any debit or credit card that had a protection policy sold with it. More common on credit cards though.

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