Alamy
20 December 2013
Troubled card-protection insurance group CPP today said it had increased the amount it has set aside to compensate customers over mis-selling by a futher £10 million to £68.5 million.
As many as seven million could be in line for compensation after 13 banks and credit card issuers agreed with the Financial Conduct Authority to set up a scheme worth up to £1.3 billion.
In addition, CPP said chairman Charles Gregson, who also chairs broker Icap and wealth manager St James’s Place, plans to stand down. He will wait until a successor has been found. Gregson said: “The foundations have been laid to stabilise the business and we have in place a strong and experienced management team. It is therefore, appropriate for me to step down.”
