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63.00 1.75 (2.86%)

Bid:

60.00

Ask:

62.50

Spread: 2.50 (4.167%)

Market Cap: £5.78m

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CPP Says Claims Broadly Within Expectations

Fri, 06th Jun 2014 14:11

LONDON (Alliance News) - CPPGroup PLC Friday said that the share of claims it is receiving from customers under a scheme to compensate customers who were mis-sold card and identity protection products continue to track broadly within its expectations.

"The group is committed to achieving a fair and reasonable outcome for customers that may have been affected by historical issues in the UK business, in and before 2011," CPP said in a statement.

In November 2012, CPP was fined GBP10.5 million by the FCA's predecessor, the Financial Services Authority, over mis-sold insurance products. CPP has set aside GBP69.8 million to pay for its part in the redress scheme.

Its regulator, the Financial Conduct Authority, had previously said that 26%, some 1.8 million customers, had successfully submitted a claim under the compensation scheme. Its figures include claims relating to CPP and to the banks that its products.

Claimants must make claims for compensation by August 30 2014. Claims made after that point will not be considered.

CPP shares were Friday quoted at 10.80 pence, down 1.8%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini