CPP breaches covenants over compensation claims
CARD protection business CPP says it has agreed a deal with its lenders after breaching its covenants over compensation claims for mis-selling.
The group is now continuing to restructure its balance sheet following the £70m cost of its compensation scheme for mis-selling.
The York-based insurer which offers ID and credit card protection, was fined £10.5m in 2012 and ordered to pay out £66m in compensation to customers.
The deadline for customers to apply for compensation closed on August 30 and CPP said that th... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
