CPP Group PLC (CPP) is set to review the way it sold identity and card protection policies directly to consumers. This comes after it announced the suspension of its shares on 20 February 2012. Find out more about CPP.
We have some serious concerns about the way CPP has sold identity and card protection policies.
CPP has now agreed in principle to contact customers that it sold these products to directly, to let them know that their cover may have been mis-sold. CPP will offer redress to customers that were mis-sold the products.
The firm will not be contacting customers that took out an identity or card protection policy through their bank, when registering a card or through another CPP business partner, during this review. However, we are considering whether sales through business partners should also be reviewed.
CPP will also change its renewals process to make it clearer that customers do not have to renew their cover, and to explain the benefits and limitations of the relevant product.
What you should do next
Customers and investors do not need to take any action at this stage, however you can visit the CPP website or call 0808 156 0199 if you have any concerns. CPP will provide further information on its website.
Ongoing FSA investigation
CPP announced in March 2011 that it had stopped selling identity protection products to new customers and changed what it says to customers in sales calls about card protection products.
We are continuing to work with CPP and will update our website if more details become available.
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