£1.3bn payout for mis-sold policies

AOL Money Staff
Visa cards on a calculator
Visa cards on a calculator

Around seven million people are set to share up to £1.3 billion in compensation after 13 high street banks and credit card companies agreed to offer redress for mis-sold credit card and identity theft protection.

The Financial Conduct Authority (FCA) said banks and credit card firms, together with card insurer CPP Group, have agreed to a compensation package which will see millions of customers contacted by CPP.