Card Protection Redress Scheme
It has been identified that customers may have been provided with insufficient information when they purchased this product and that a particular element of the cover for unauthorised use may not have been of value as customers were already indemnified under the credit card terms and conditions, for certain losses.
Accordingly, Allied Irish Banks, p.l.c. (AIB) has established a voluntary redress scheme for card protection insurance policy holders who purchased or renewed a card protection policy from the 1st of August 2006.
Card Protection (CP) is an optional insurance product that was provided by Pinnacle Insurance plc (branded as Cardif Pinnacle Card Protection (CPCP)) that offered protection to policy holders in the event of card loss or fraud.
AIB is writing to all eligible policy holders and providing the opportunity to claim a refund of premiums paid from the 1st of August 2006. Customer letters will be issued from the end of August to the end of September.
If you have any queries regarding the voluntary redress scheme you can contact our dedicated Customer Helpline on 0818 227 058 available Monday to Friday between 9.00am and 5.00pm.
Card Protection Redress Scheme FAQs
What is Card Protection?
Card Protection is an optional insurance product provided by Pinnacle Insurance plc, branded as Cardiff Pinnacle Card Protection (CPCP), with an annual premium of €16.
CPCP contains a number of features including:
Communication costs incurred when notifying CPCP that registered cards have been lost or stolen;
Personal money lost or stolen whilst travelling outside your permanent country of residence up to €200 per incident, limited to €200 in a 12 month period from the start of your cover;
Emergency cash advance of up to €1,000 available while stranded away from your permanent country of residence;
Emergency cash advance to pay for replacement travel tickets up to €3,000;
Emergency cash advance to pay for hotel bills or other accommodation charges up to €3,000;
Emergency cash advance to pay for transport charges which have to be paid to complete journey up to €750; (For all emergency cash cover, cash advance is subject to funds available on cardholders AIB credit card account and limited to one request per incident);
Costs of obtaining temporary travel documentation up to €100 for any one claim if your passport is lost or stolen whilst travelling outside your permanent country of residence;
Costs of locating emergency medical assistance of up to €100 for any one claim; and,
Communication costs of up to €100 for any one claim to (i) get property and documents back; or (ii) to assist the police with their enquires; or (iii) to make a claim on any personal insurance policy which provides cover for loss or theft in respect of registered property and documents recorded by the cardholder and listed on a valuable property document held by CPCP.
Why is this review being undertaken?
It has been identified that customers may have been provided with insufficient information when they purchased this product and that particular elements of the cover for unauthorised use may not have been of value as customers were already indemnified under their card terms and conditions, for certain losses.
The policy covered up to €75,000 worth of unauthorised or fraudulent transactions that occurred after customers informed CPCP of an incident. This cover was not required as the bank is responsible for any such transactions after notification since the 1st of November 2009.
The policy covered up to €1,500 worth of unauthorised or fraudulent transactions that occurred before customers informed CPCP of an incident.
AIB credit card customers are only liable for the first €75 of these unauthorised transactions.
My Card Protection policy is now closed – am I still eligible to make a claim?
Yes, eligible customers are being given the opportunity to claim a refund of Card Protection premiums paid since the introduction of the Consumer Protection Code on the 1st of August 2006.
What do I do if I am happy with the way in which the policy was sold to me and that all the features and benefits limitations were clearly explained?
If you are satisfied with the manner in which the policy was sold to you and that all the features and benefit limitations were clearly explained prior to commencement of your policy, you do not need to do anything.
What do I need to do to request a refund?
If you would like to request a refund, please sign the claim form provided with the letter you received from AIB, and return it in the enclosed self-addressed pre-paid envelope so that we can process your refund.
Why have I not received a letter?
All letters will be issued by the end of September 2015. In the event that you still do not receive a letter this may due to one of the following;
You did not pay any premiums after the 1st of August 2006;
You made a claim on the policy and the payment was greater than premiums paid;
You did not purchase the Card Protection product;
You have already received a full refund of your premiums;
Your address details have changed.
If you haven’t received a letter by the 30th of September and you held a Card Protection policy after 1st August 2006 please contact our dedicated Customer Helpline on 0818 227 058, available Monday to Friday between 9.00am and 5.00pm
Who can make a claim?
All policy holders who paid premiums from the 1st of August 2006 may seek a refund.
What will AIB do after I return my Claim Form?
On receipt of your original signed claim form, we will return all premiums paid for your policy since the 1st of August 2006, plus compensatory interest. We will write to you confirming the amount to be received and confirm how we are refunding this to you.
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. We will not accept a claim form from, or pay Claims Management Companies.
I currently have, or am about to make, an insurance claim on my policy. Will this be affected by this process?
If you sign and return a claim form under this scheme this may affect your claim.
AIB does not administer the Card Protection policy. We recommend you talk to the insurer Cardif Pinnacle Card Protection Services Centre directly on: 1800 300 850. Lines are open Monday to Friday, 9:00am to 5:00pm.
If you have any queries regarding your policy or the voluntary redress scheme outlined in this letter, please contact our dedicated Customer Helpline on 0818 227 058, available Monday to Friday between 9.00am and 5.00pm or alternatively you can write to us at Card Protection Team, AIB Card Issuing, PO Box 12661, Sandyford, Dublin 18.