Compensation package agreed for consumers sold card security products

Pension IGCs


  • Compensation Package Agreed by FCA.
  • Compensation Scheme Proposed.
  • Eligible customers must vote & High Court formally approve before compensation can be paid.
  • Average annual cost of the card security product was £25.

Original Author: Financial Conduct Authority (FCA)
Original Link:


The Financial Conduct Authority (FCA) has reached an agreement with Affinion International Limited (“Affinion”) and 11 high street banks and credit card issuers, following voluntary negotiations, that will pave the way for customers to claim compensation if they have concerns about the way that card security products with the following product names were sold to them:

  • Card Protection
  • Sentinel
  • Sentinel Gold
  • Sentinel Protection
  • Sentinel Excel
  • Safe and Secure Plus

While an agreement has been reached with the FCA on the nature of the proposed compensation scheme (the “Scheme”), it must be voted on by eligible customers (who are the Scheme’s creditors) and formally approved by the High Court before compensation can be paid. A majority of customers who vote will need to do so in favour of the Scheme for this to happen. This means compensation is expected to be paid later this year.

The Scheme is being proposed following collaborative discussions between the FCA, Affinion and the banks and credit card issuers, about how to resolve these issues.