OREANDA-NEWS. At the request of the Central Bank of Ireland, a voluntary redress scheme has been put in place in relation to Card Protection insurance provided by Homecare Insurance Ltd (HIL) and purchased through a number of credit card providers.

Information provided to customers, at point of sale, advertised some benefits which were not needed i.e. liability for unauthorised use if a card was lost/stolen was covered by the card scheme and therefore, customers did not need additional insurance for this. There are approximately 161,000 in-scope policies for this redress scheme.

The credit card providers Bank of Ireland, MBNA and Ulster Bank, have been contacting impacted customers who should have received letters and a claim form at this stage. You must complete, sign and return the claim form in advance of the indicated closing date for you to be considered for redress. For those customers choosing to make a claim, their policy will be cancelled.

Director of Consumer Protection at the Central Bank, Bernard Sheridan said: “It is important for consumers to carefully consider the letters they receive and decide whether they wish to submit a claim. If you purchased or renewed one of these policies after 1 August 2006 and have not received a communication, you should contact your credit card provider.”