Britain's biggest banks face a compensation bill for up to
GBP1.5 billion ($2.35 billion) to pay for six years of missold
credit card and identity theft insurance, the U.K.'s Daily
Telegraph newspaper reported Thursday.
The move follows the Financial Conduct Authority's crackdown on
CPPGroup PLC (CPGPY, CPP.LN), an insurer that specializes in ID and
credit card theft protection, the newspaper said.
The regulator is on Thursday expected to confirm the details of
a nationwide redress scheme for as many as 4 million Britons sold
useless cover between 2005 and 2011, The Telegraph wrote.
Barclays PLC (BCS, BARC.LN), Banco Santander SA (SAN, SAN.MC),
Royal Bank of Scotland Group PLC (RBS, RBS.LN), HSBC Holdings PLC
(HBC, HSBA.LN, 0005.HK) and MBNA are among the banks and financial
institutions understood to have agreed to the compensation
scheme.
Newspaper website: www.telegraph.co.uk
Write to Dennis Baker at dennis.baker@dowjones.com
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