If I devised a scheme to sell people a completely useless product I would expect, if I were caught, to go to jail. On any understanding of the criminal law this kind of activity is a crime and should be punished. However, it seems that if you are bank or a credit card company you can sell products that are totally useless, and all you have to do, when caught, is to refund some of the money you have gained.
Thirteen banks and credit card companies have sold (or in the current jargon mis-sold) insurance policies in respect of theft protection and identity theft. Having been caught they must now refund £1.3 billion to the marks that bought these policies. They were caught by the Financial Services Authority (now called the Financial Conduct Authority) and when caught clubbed together to devise a way of refunding the customers to whom they had sold the policies.
It is very difficult to understand why no one is being prosecuted for this fraud.