Last checked at 5 Dec 2014 09:18
CPPGROUP PLC
05 December 2014
Customer redress and associated costs
Customer redress and associated costs
CPPGroup Plc (CPP or the Group), confirms that its provision for customer redress and associated costs has been increased by £3.0 million, reflecting the latest estimate with respect to the residual customer redress activity as outlined in the Group's Half Yearly Report. This will be funded from existing VVOP restricted capital held within the Group's UK regulated entities. The total cost provided for customer redress and associated costs is £72.8 million and the amount of this provision remaining is £14.9 million¹.
The process to restructure the Group's balance sheet, strengthen its capital position and in addition, consideration of a potential sale of the Group under a formal sale process, announced on 14 November 2014, is on-going and further announcements will be made in due course.
¹£14.9 million represents £6.4 million remaining customer redress and associated cost provision and £8.5 million outstanding regulatory fine which is recognised in non-current payables within the Group balance sheet.
Enquiries:
Investor Relations
CPPGroup Plc
Brent Escott, Chief Executive Officer
Craig Parsons, Chief Financial Officer
Tel: +44 (0)1904 544702
Helen Spivey, Head of Corporate and Investor Communications
Tel: +44 (0)1904 544387
Media
Tulchan Communications: Martin Robinson; David Allchurch
Tel: +44 (0)20 7353 4200
Notes to Editors
CPPGroup Plc is an international assistance business operating in the UK and overseas within the financial services, telecommunications and travel sectors. CPP primarily operates a business-to-business-to-consumer (B2B2C) business model providing services and retail, wholesale and packaged products to customers through Business Partners and direct to consumer. The Group's core assistance and travel service products are designed to make everyday life easier to manage.
For more information on CPP visit www.cppgroupplc.com