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Banks Hit With More Compensation Payouts

Banking InstitutionsBank share values in the UK took something of a hit yesterday with the announcement that up to 2 million credit card holders are in line for a payout if they had taken out an insurance policy when they applied for their credit cards.

It has been decided that the insurance policy sold to credit card holders which was offered by Affinion International Limited was deemed to be unneeded as all credit card holders were already covered by the things that insurance policy covered!

Affinion International Limited offered an insurance policy that would cover credit card issuers for fraud if they lost or had their cards stolen, however in yet another mis-selling scandal the Financial Conduct Authority in the UK have deemed that insurance to be useless and worthless.

This has led to everyone who has had such an insurance policy attached to their credits cards now being able to get a compensation payout form their card issuer. Unlike previous mis-selling such as with PPI no one needs to make a claim with a company offering them a service to get their compensation.

Everyone who has one of these insurance policies is going to be sent out in the next few weeks a claim form from their card issuer which they must then fill in and send back and their compensation will be then sent out to them.

The banks affected by this ruling include all of the major UK banks and credit card companies and those banks and companies are, AIB Group (UK), Allied Irish Bank (GB), Barclays Bank Plc, Capital One (Europe) Plc, Clydesdale Bank PLC HSBC Bank Plc, Lloyds Bank Plc, Northern, Santander UK Plc, Tesco Personal Finance plc, The Co-operative Bank Plc and The Royal Bank of Scotland Plc.

Anyone who had one of these insurance policies for the last eight years is going to be receiving a cheque for around £200 along with interest on that amount which could see many credit card holders getting a payout worth up to £216.

If you are planning on placing any type of Binary options trades on banking stocks then keep the above in mind as the value of banking shares, once again, are going to be fluctuating wildly in the foreseeable future, and you will need to know and carefully consider just what side of any trade tobe on to see you making a profit!