The two architects of embattled credit card insurer CPP banked millions of pounds before the Financial Services Authority launched a mis-selling probe. The investigation by the City watchdog yesterday prompted the firm’s new management to suspend its shares for a fortnight as they struggle desperately to save the business. Entrepreneur Hamish Ogston, who founded the York-based insurance seller in 1980, is the biggest gainer, having banked £120m of the £150m the company raised when it floated on the stock market in March 2010.

Ogston ran the business until 1999, when he became executive chairman. At the float he stepped down to become a non-executive director. Former chief executive Eric Woolley joined the group in 2003 and steered it through its stock market listing. He sold share options worth £1.7m at the flotation. He received a pay package of £759,000 in 2010, including a £286,000 bonus. Read more here--: New management moves to suspend shares as CPP faces up to a crisis