Ireland Card Protection Insurance policies
REMINDER ANNOUNCEMENT - 11 May 2015
YOU MAY BE ENTITLED TO COMPENSATION FOR YOUR CARD PROTECTION POLICY
Following our previous announcement, this is a reminder to customers about the Card Protection voluntary redress scheme.
At the request of the Central Bank of Ireland, Homecare Insurance Limited and its associate banks have put in place a voluntary redress scheme (the ‘“Scheme’”) for policyholders who purchased a Card Protection policy through them, and provided or renewed through Homecare Insurance Limited from 1 August 2006. The scheme commenced on 30 March 2015 and customers who purchased or renewed a Card Protection policy since 1 August 2006 have received letters and a claim form.
Card Protection is an optional policy which offers protection to policyholders in the event of card loss or fraud. This product was provided by Homecare Insurance Limited, a subsidiary of the CPP Group and its associate banks (as per details below).
Consumers may have been provided with inaccurate information (some of the advertised benefits could not be claimed) when the policy was sold as the product contained an element of cover for unauthorised use which was not required, as certain events were covered by the card scheme.
- If you are eligible to make a claim for redress, you will have received a letter/claim form from your bank which you must complete, sign and return in advance of the indicated closing date for you to be considered for redress
- If you do not wish to claim redress, or wish to keep your policy you do not need to take any further action
- If you purchased or renewed a policy since 1 August 2006, and have not received a communication from your bank, details of how to claim to be considered for redress, including the deadline for submitting a claim under the Scheme, contact details as follows:
Contact us on 0800 015 0375
Lines are open Monday to Friday 9am-5pm
Frequently asked questions
What is the Card Protection (CP) Review?
What is Card Protection (CP)?
Card Protection (CP) is an insurance policy which offers protection to card holders in the event of card loss or fraud. Customers may have purchased this product on their MBNA credit card.
A typical policy included:
- Unauthorised transaction cover – any unauthorised transactions not reimbursed by card issuer are covered up to €100,000 (figure varied over time and card type).
- The facility to cancel lost or stolen cards and order replacements in one phone call.
- Cover for replacing locks and keys.
- Cover for emergency cash, replacement travel tickets and hotel bills.
- Replacement passport and driving licence.
- Replacement of lost handbag or wallet.
- Cover for any cash that is lost or stolen.
- Cover for the cost of retrieving lost or stolen personal items.
Customers should refer to their policy terms and conditions for further details on the features and benefits of the product.
Why is this review being undertaken?
It has been identified that customers may have been provided with misleading information when they purchased this policy, such as:
- The policy covered up to €100,000 (figure varied over time and by card type) worth of unauthorised transactions that occurred after customers informed us that a card was lost or stolen.
This cover was not needed as the bank is responsible for any transactions after you tell them your card has been lost or stolen.
- The policy covered up to €2,500 (figure varied over time and by card type) worth of unauthorised transactions that occurred before customers informed us that a card was lost or stolen.
We did not explain that you are only liable for unauthorised transactions in limited circumstances, as your bank or card issuer will usually cover you for anything over the first €75 of those transactions.
At the request of the Central Bank of Ireland, MBNA Limited has agreed to participate in a voluntary redress scheme. Customers will be given the opportunity to claim a refund of the premiums they paid from 1 August 2006 plus compensatory interest.
What do I need to do?
If you are eligible to make a claim we sent you a letter and claim form by 15 May 2015 which you had to complete, sign and return should you wish to be considered for redress.
What do I do if I am happy with the policy and the way in which it was sold to me?
If you are satisfied with the policy and the manner in which it was sold to you, you do not need to do anything. If the policy is still live you will continue to benefit from it.
My CP Policy is now closed – am I still eligible to make a claim?
Yes, if your policy was open after 1 August 2006.
I am still paying for my CP policy – what do I do?
You should only submit a claim form if you wish to cancel the policy and receive a refund. Upon receipt of a completed and signed claim form we will advise Homecare Insurance Limited to cancel your live policy. Cover will cease from date of cancellation.
Why have I not received a letter?
All letters were issued by 15 May 2015. If you didn’t receive a letter by this date and you held a Card Protection policy after 1 August 2006 please call us on 0800 015 0375. Lines are open Monday-Friday 9am-5pm.
I have not received a letter from MBNA, what do I need to do?
If you paid a CP insurance premium on or after 1 August 2006 please call us to discuss further and have your CP policy number to hand to quote on the call. The number to call is 0800 015 0375. Lines are open Monday-Friday 9am-5pm.
What if I do not know my policy number?
Your policy number can be found on any of the policy documentation that Homecare Insurance Limited sent to you when you took out your CP policy.
Why do I need to confirm my policy number?
MBNA require confirmation of your policy number to be able to accurately identify your CP policy.
Why do MBNA need my policy number?
Homecare Insurance Limited, the company that underwrote your CP policy, purged the personal data associated with a number of policies in line with the requirements of the UK Data Protection Act. If you paid insurance premiums on your CP policy on or after 1 August 2006 it is possible we have been unable to write to you as your policy was one of the ones where data was purged.
What if I can’t find my policy documentation?
If you can’t confirm your policy number we may still be able to help you. However, to do so we need you to confirm other information to help us identify your policy. This information includes:
- Your policy start date,
- Policy cancellation date,
- If applicable the Dublin postal districts i.e. 1-24 /UK post code from your address, if you had a UK or Northern Ireland address, when you purchased your policy,
- Your previous MBNA account number, and
- Your date of birth.
Please note, even if you can confirm all the above information MBNA may still not be able to locate your policy without the policy number. If this occurs we will pass your query to Homecare Insurance Limited to investigate further.
What if I didn’t pay a CP premium on or after 1 August 2006?
If you did not pay a Card Protection premium on or after 1 August 2006 you do not form part of the Central Bank of Ireland (CBI) redress scheme.
Do I need to use a claims management company to help me claim compensation?
No. You do not need to engage the services of, or pay for, a Claims Management Company in order to make a claim. The Claim form must be signed and returned by the policyholder. If we receive any claim forms from Claims Management Companies we will still require you to have signed the claim form and we will send direct to you any redress. However, you may still be obliged to pay the Claims Management Companies’ fees.
What will you do after I return my claim form?
When we receive your original, completed and signed claim form, we will review the information and write to you with the outcome within 40 business days. If you are entitled to compensation we will return the amount of premiums you have paid on your policy since 1 August 2006, plus compensatory interest less any amounts paid out in respect of a claim on the policy, or previously refunded premiums.
All refunds will be paid to you by cheque.
I’m visually impaired and can’t complete this form?
We can arrange for the letter to be sent to you via large print, Braille, audio tape or compact disc. Please call us on 0800 015 0375 and we will be happy to arrange this. Lines are open Monday-Friday 9am-5pm.
If you have any further queries which have not been answered within these FAQ’s, Please contact us on:
Telephone: : 0800 015 0375