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History and background of CPP.

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Based in York,CPP also has offices in Tamworth and Chesterfield.Founded in 1980,the company made aquisitions of

Its Homecare Insurance and Mobile phone insurance businesses in 2001.

Further aquisitions were Metris Enhancement Services in 2003 and Leapfrog Group in 2009.

CPP provides protection against loss, theft and fraudulent use of financial cards, identity theft protection, phone protection insurance and travel assistance products,and has associations with banks,credit card issuers,and other Financial service providers.

In February CPP's value was reported at £180m.

 

INVESTIGATION BY THE FSA.

 

In March 2011,The FSA announced an investigation into the business practices of CPP,specifically centering around its sales of one of its products to UK customers. The Financial Services Authority's investigation looked into allegations that CPP overstated the risk of identity theft when selling insurance for that purpose. CPP suspended the sale of the product with immediate effect with the intent of creating a new package, possibly without insurance.

 

CPP later launched an uninsured product called "Identity Safe" which will replace their existing product "Identity Protection"

 

In February 2012,CPP announced that its shares had been suspended on the LSE to allow for negotiations with the FSA to take place.

 

Employees at CPP as well as local MPs wrote to the FSA in support of CPP,and express concerns about implications for jobs.

Here is an extract from employees letter which was signed by 11 people.

"We, as the ECF, now think it is imperative that you visit us to meet the employees, and get a clearer understanding of the decisions you are proposing, and the detrimental effect that these decisions will have on our customers and employees,"

 

(EFC -Employee Forum Communication)

 

The FSA declined to comment on the CPP letter, and reiterated its earlier position concerning its concerns over CPP's business practices.

 

 

 

On the 25th February 2012,an agreement was reached which CPP said it would be contacting customers who may have been miss sold policies but warned that redress was likely to cost the company between £10-15m.

 

CAG highlighted the FSA investigation,and also reported on Barclaycards decision not to renew its contract,which CPP appears to believe was an adverse consequence of the FSA investigation.

 

It is unclear as to why CPP has gripes about the investigation,coming so soon after miss selling has been discovered as to have been widespread,throughout the Financial Services sector.

 

The CAG will be monitoring those who feel they do have legitimate claims for a refund,and also would ask members to report any success or progress when seeking redress.

 

CPP was offered on most of the big credit card issuers.


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