If you were mis-sold a worthless card security policy from Sentinel, you’ve got just one week left to claim potentially £100s in compensation.
Completed claims forms need to be received by the AI Scheme, which was set up to administer the redress process, by midnight on Friday 18 March.
Affected customers should already have been sent claims forms to return, but if you’ve lost yours, you need to request a new copy by 16 March via the aischeme.co.uk website.
Only original paperwork can be returned and photocopies will not be accepted.
Be aware that if you submit a compensation claim and you have a card security product this will automatically cancel your product.
Why are customers due redress?
The compensation scheme has been set up alongside financial regulator, the Financial Conduct Authority (FCA), to reimburse customers who bought an Affinion International Limited card protection product - commonly known as ‘Sentinel’ - either directly from it, or via their bank or card provider.
Compensation is due because one of the features of these policies was to cover consumers from fraudulent card use, yet your bank or card issuer is typically responsible for losses in the event of fraud.
How much compensation could I get?
Individual compensation payments depend on how long you held the insurance policy – the compensation scheme will cover payments made as far back as 15 January 2005.
The product cost about £25 a year, and the FCA estimates customers are due £180 on average in compensation.
If you want to claim compensation for card protection payments made before 15 January 2005, you’ll need to complain to the provider you bought it from.