York-based CPP down 38% after misselling scandal
York insurance and life assistance company CPP has reported losses this year, and predicts that it’s UK renewal rate will continue to fall.
This comes after the Financial Conduct Authority (FCA) reached an agreement in August with thirteen banks and credit card card issuers as well as CPP to redress customers having been missold card and identity protection. The bill was estimated at £1.3 billion in total.
The amount that CPP has paid £55.8 million in redress to it’s customers.
Brent Escott, Chief Executive Officer, commented: “Our immediate priority is to strengthen the Group as we enter the next phase of our development. We are working towards rebuilding CPP’s reputation and repositioning our business model to provide longer-term stability, continuing the improvements required to operate in a regulated environment and create a sustainable business proposition for the long-term.”