Foreign news: UK card insurance compensation, New York fines for Citi and Stanchart, Target settles 20 August 2015 4:17PM Banking Day staff Foreign news, Two million Britons who were sold unnecessary insurance with their payment cards will be able to claim compensation, the BBC reports. Customers affected paid about £25 a year, between 2005 and 2013, to protect themselves against their cards being lost or stolen. However, this cover was already provided by the card issuers. The compensation scheme was approved by the High Court in July and the UK Financial Conduct Authority will start sending out compensation forms later this month. Banks that sold the insurance include HSBC, Lloyds, Barclays, Royal Bank of Scotland, Santander and Tesco. Citigroup Global Markets will return US$4.5 million in account management fees as part of an agreement with New York Attorney General Eric Schneiderman's office, CNBC reports. And the FT reports that financial consulting group Promontory will pay a fine of US$15 million as part of a settlement with New York's Department of Financial Services over allegations the firm whitewashed an investigation into possible sanctions violations by Standard Chartered. Mobile payments globally will rocket to US$1 trillion in value by 2017, up from an estimated $500 million this year, reports ITwire, citing tech sector research firm IDC. The section on the Asia Pacific region suggests that "the mature markets" of Australia, Hong Kong and Singapore, with "strong levels of banking and card adoption" are likely to use near field communication payments, marking them as target markets for systems like Apple Pay and Android Pay. Emerging economies, in contrast, are more likely to favour mobile wallets. Target has reached a deal with Visa to pay its card issuers up to US$67 million to settle a data breach dating back to 2013, which saw the credit and debit card information of an estimated 40 million customers stolen. The figure, first reported by the Wall Street Journal, was "confirmed by a source familiar with the deal|" according to CNN Money. With so many customers affected, most can expect just a few dollars compensation, although anyone who can document larger unreimbursed losses may be reimbursed up to US$10,000.