FSA Probe Could Cost CPP £15m

CPP have announced this week that the fallout from an investigation from the FSA (Financial Services Authority) could cost the company £15m.

The York based company will now have to contact it’s existing customers who have purchased protection from them, and also make changes to its renewals process.

The result from the investigation, which was launched in March of 2011, has meant that trading in shares has stopped after the FSA contacted the company.

In a statement made this week, CPP has said: “The resolution of these issues allows CPP to renew its focus on evolving towards a more customer centric business.”

The company went on to say: “CPP remains in discussions with various stakeholders, including its financing banks and business partners, as to the ultimate impact on the business of the FSA’s investigation.

“Until those discussions have concluded it is expected that the suspension of CPP’s shares remains in place.”