Thousands of Tesco Bank customers will be entitled to a refund after the lender told them their no claims bonus protection would be around £1.2 million cheaper collectively than it actually was.
In writing to 124,451 customers between April 2020 and September last year, Tesco Bank misled them into thinking their policies would be £10 cheaper than reality.
The Competition and Markets Authority (CMA) said that the bank will now explain the situation to customers, who can choose to keep the policy or get a refund.