Not content with selling payment protection insurance on loans that was in no way needed, hence the multi billion pound payouts for the mis sold PPI insurance, or being content with altering loan agreement interest rates linked to Libor, such as mortgages, business loans, credit cards and the like (which people have yet to be compensated for), the banks have now been exposed for another scam which is called CPP Insurance.
CPP is/was a card protection plan which boasted that it would give its buyers as much as 100,000 pounds worth of insurance. The truth, the insurance was not needed in the slightest. It has been exposed as yet another way in which banks have bamboozled their clients with jargon and ended up lifting money from people who were non the wiser thinking that this CPP insurance was necessary and was going to protect them in the long run for a small fee. The reality is that all the CCP insurance did was net the banks hundreds of millions of pounds for very little outlay because the banks already covered their customers for this insurance meaning people were paying money for absolutely nothing.
It has been stated that all those affected by CPP mis-selling will be able to re-claim their money back.