Job losses part of “essential” restructuring process
Troubled credit card insurer CPP is to cut 120 jobs at its head-office in York, the BBC reports.
The company said the job losses are a result of proposed restructuring of the company described as “essential to securing the future viability of the group”.
CPP had announced earlier this month that three senior executives were leaving and hundreds of jobs would be lost over the coming months as it was operating on a much reduced scale following the mis-selling scandal that saw it fined £10.5m by the Financial Services Authority.
The regulator at the time found evidence of mis-selling of card protection and identity protection policies sold by CPP directly, and through banks and card issuers.
Outgoing chief executive Paul Stobart has previously pledged to stand down once the company is “on a firm footing for the future”.
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