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Embattled credit card insurer CPP is starting crunch survival talks as the Financial Services Authority regulator looks set to impose one its toughest fines for mis-selling. CPP chief executive Paul Stobart warned the ‘viability of the business is under threat’ if forced by the FSA to carry out a review of 4.5million UK customer contracts. A probe going back to 2005, when the FSA took over powers in this area, could leave CPP facing a bill as high as £100m.

The business, which floated in March 2010, suspended its shares on Monday at 103p, valuing CPP at £176m. This is well below the peak market capitalisation of £561m the firm hit last February. One source close to the talks, which are scheduled to take two weeks, said ‘the two sides are poles apart’.....Read more here--: CPP in crisis talks over threat of £100m bill for mis-selling fine