Millions of consumers waiting for reimbursement following a significant case against Mastercard received an update this week. Walter Merricks, a former financial ombudsman, claimed that 46 million individuals were overcharged due to incorrectly imposed fees on transactions from 1992 to 2008. These fees were paid by merchants accepting Mastercard payments, potentially entitling individuals to compensation regardless of owning a Mastercard.
Approximately 2.3 million people are anticipated to file claims, with £100 million allocated for consumers. If the projected number of claims is met, each person could receive £45, with a cap set at £70 if fewer claims are made.
Although consumers have not yet been able to submit their information due to a delay in the online claims portal stemming from a legal dispute, Mr. Merricks revealed that the legal challenges have been resolved this week. Affected individuals will be able to initiate the compensation claim process by the end of this year.
Mr. Merricks emphasized that preparations for distributing at least £100 million to consumers are now underway, marking the largest sum ever obtained from group litigation for the benefit of UK consumers. He also mentioned plans for a nationwide publicity campaign to inform people about the claims process, which is expected to commence in the upcoming months.
The disbursements are scheduled after the six-month registration period, anticipated to conclude in the first half of 2027. Recipients can receive payments via bank transfer or as gift vouchers sent via email, with potential options to donate the funds to charity.
Individuals who resided in England, Wales, or Northern Ireland for over three months between June 1997 and June 2008 and made purchases from UK businesses accepting Mastercard credit cards may be eligible for compensation. In Scotland, eligibility dates back to May 1992.
