The Money Shot – dodgy dealings and Mr Chips

Man behind bars
"Hello sir, can I speak to you about your home insurance?"
"CPP claimed it had been entirely straight in making clear that it was a separate entity from Nat West. Given that we’d never heard of the company, that wasn’t strictly so"
  • | by Kristian Dando

You’ll often hear armchair pundits telling anyone who’ll listen that “insurance is a crook’s game”.

That old theory was given some substance this week when it was reported that inmates at HMP Oakwood were manning the phones for insurance companies.

It was a ridiculous turn of events – surely modern Britain has moved on from such barbaric practices as forcing convicts into working in insurance? Isn’t this meant to be an enlightened age?

Anyway, apropos of nothing, card protection provider CPP also hit the headlines this week.

The Financial Conduct Authority (FCA) ruled that about seven million customers who’d been mis-sold card protection policies would be in line for a bumper pay-out, to which there was much rejoicing.

Hamish Ogston, founder of CPP, hit back at the £1.3bn compensation judgement. The billionaire blubbed that the ruling was “bu*****t”. Well, he would, wouldn’t he?

It’s hard to feel too much sympathy for the poor mite. Innumerable horror stories concerning CPP are out there for anyone with an internet connection to find. And the Money Shot itself can speak from experience when it comes to dealing with the firm.

To cut a long story short, the ‘Shot attempted to cancel an unwanted protection policy on a Nat West credit card after initially phoning the bank and being told to get in touch with a mystery firm called… CPP.

A terse exchange of views over the phone with CPP followed. CPP claimed it had been entirely straight in making clear that it was a separate entity from Nat West. Given that we’d never heard of the company, that wasn’t strictly so.

Anyway, a quick internet search revealed that CPP had ‘previous’ with this sort of thing. The Shot put this down in an email, and promptly received a reply with an apology and notification of a refund as a ‘good will gesture’. Lovely stuff.

Oh, there was a note in the post from CPP too, bringing matters to a close.

The missive was printed on – and you’ll like this - Nat West letter-headed paper.

Didn’t they mention something about being a separate entity altogether?

Short change - money news in brief

A survey of 2,000 young motorists by Co-op Insurance found that they felt their driving lessons left them unprepared for the road.

Which? reported ‘major differences’ in the way different car insurance brands quoted for drivers with various convictions – that’s driving convictions, as opposed to political or religious ones, FYI.

It’s thought that there are still upwards of 1,500 PPI claims made every day.

The Express reported that Ofgem’s plans for simpler energy tariffs may just make gas and electricity more expensive.

There’s been a bit of debate about whether some discount furniture retailers’ reductions are entirely legit.

On Covered mag this week

Dan Bevis buckled his seatbelt and pelted down memory lane, plotting a short history of the Ford Escort.

What on earth is the Green Deal, and why are so few people getting involved with it, pondered Dave Jenkins.

There was this report on a big ice cream truck.

If you’ve got a kid who’s a dab hand at drawing pets, then you should probably get them to enter the pet doodles competition.

And finally

Scottish TV channel STV is said to be working on a second series of Catchphrase, which it brought back earlier this year to some acclaim.

“So what?” you’re probably asking.

Well, if anything, it gives us the chance to wheel out this old chestnut.

You’re welcome.

Join us NEXT WEEK for another THRILLING instalment of THE MONEY SHOT.