Two million people are set to receive cheques for up to £270 each after being sold worthless credit card protection insurance. An official compensation scheme has been set up and letters inviting people to claim the cash are starting to land on doormats.
City regulator the Financial Conduct Authority this week fired the starting gun on the mass payout, which could run into hundreds of millions of pounds. It relates to policies produced by a company called Affinion International and sold by leading high street banks and credit card companies.
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