- Part 1 - CPP Card Protection & Identity Protection Compensation Letter
- Part 2 - CPP Compensation Frequently Asked Questions
- Part 3 - What is a CPP Card Protection Policy and what does it cover?
- Part 4 - What are the benefits of a CPP Identity Protection Policy?
- Part 5 - CPP Compensation – What happens next? Scheme of Arrangement
These are some of the Frequently Asked Questions about the CCP Compensation Scheme for Card Protection Policies and Identity Protection Policies.
Frequently Asked Questions
Why have I been sent a letter?
You bought a card protection and I or identity protection policy through us (CPP), a bank or card issuer.
We have written to let you know that you may be entitled to compensation, even if you no longer have a policy with us. We are proposing a ‘scheme of arrangement’ for reviewing whether policyholders are entitled to compensation.
You do not have to do anything now. We will write to you with further information in the next 12 weeks.
What is the Financial Conduct Authority?
The Financial Conduct Authority (previously the Financial Services Authority) is the independent body that regulates the financial services industry in the UK. It sets the standards that firms must meet and can take action against firms if they fail to meet the required standards.
How do I know if I am entitled to compensation?
If the scheme is finalised we will write to you again to ask whether you want to be considered for compensation and cancel your policy. We will include a form that you will have to complete and return to us before the specified deadline.
We will then review your form to see whether you are entitled to compensation and pay compensation if appropriate. You do not need to do anything at this stage.
Can I claim through the scheme now?
No. The scheme has to be finalised before you can claim.
We will write to you with more information about the proposed scheme within 12 weeks. This will include an invitation to vote on whether you are in favour of the proposed scheme.
If the scheme is finalised we will write to you again to ask whether you want to be considered for compensation and cancel your policy. We will include a form that you will have to complete and return to us before the deadline for claiming under the scheme.
What will the deadline for claiming under the scheme be?
The deadline will be 7 months after the scheme has been finalised and come into effect. We will let you know the exact deadline when we send you the form you will need to complete in order to be considered for compensation.
Do I need to use a company to help me claim compensation?
No. You will not have to use and pay a company to claim compensation on your behalf.
I did not know I had a policy – is this still relevant to me?
Yes. Our records confirm that you bought a policy and so you may be entitled to compensation.
What if I no longer have a policy – is this still relevant for me?
Yes. Even if you no longer have a policy you may be entitled to compensation.
The letter mentions a vote – what is this for?
The vote is to allow policyholders to decide if we should follow the proposed compensation scheme when dealing with complaints about the way protection policies were sold.
In order for the compensation scheme to be finalised, a majority of voters and 75% in value of voters must vote in favour of the scheme.
We will write to you with more information about the proposed compensation scheme within 12 weeks. This will include an invitation to vote on whether you are in favour of the scheme.
What happens if the compensation scheme is not finalised and approved by voters?
If the compensation scheme is not approved by voters it will not go ahead.
If this is the case you would still be able to complain to CPP or the relevant bank / card issuer in the usual way.
Does this have anything to do with payment protection insurance (PPI)?
No. This is nothing to do with PPI. Please refer to the appropriate appendix enclosed with your letter for the typical benefits and cost of a card and / or identity protection policy.
If I am due a refund, how long will it take to get one?
We are not able to say how long it will take at this time, but we will write to you again shortly so you do not need to do anything now.
I currently have, or am about to make, a claim on my policy. Will this be affected by this process?
No. You can continue to make your claim as normal. Details of how to make a claim are set out in your policy document.
Will this cost me anything?
No. This process is free.
What do I do if I don’t agree with the creditor classes mentioned in Appendix C to this letter?
Please submit your concerns in writing to us at Scheme Processing Services Limited, PO Box 250, WYMONDHAM, NR18 8DG.
We will present all concerns raised by customers to the High Court on 7 October 2013.
You can find out more about the card and identity protection policies and related compensation scheme at www.cppredressscheme.co.uk