Bank probes card insurance sales

The Central Bank is investigating the sale of credit card identity insurance following an agreement to pay over €1 billion in compensation to customers in Britain.

Last week UK-based insurer CPP agreed to compensate seven million people who were mis-sold insurance alongside credit and debit cards.

The company has approved a compensation package worth £1.3bn (€1.5bn) — an average payment of £200 per customer who was mis-sold CPP identity insurance.