29th Jan 2014 08:36
LONDON (Alliance News) - CPP Group PLC Wednesday said it has appointed a new non-executive chairman, with Duncan McIntyre taking the reins from Charles Gregson.
McIntyre, who has been a non-executive director of the company since January 2011 and currently chairs its Risk and Compliance Committee, will chair CPP as it seeks to recover from the mis-selling scandal that has left it, as well as a number of high street banks, with a customer redress bill that could total GBP1.3 billion across the industry in UK.
Up to seven million customers, who bought and renewed about 23 million policies, were mis-sold CPP's card protection and identity protection policies, according to UK regulators.
The insurance products cost between GBP30 to GBP80 a year and were "widely mis-sold by CPP", according to the Financial Conduct Authority, which resulted in a GBP10.5 million fine for the company in November 2012.
Gregson had in December announced his intention to give up the chair after almost four years in the role.
In December, CPP increased its provision for customer redress and associated costs to GBP65.8 million, but said the final amount it pays out could be "materially" higher or lower than that estimate.
CPP Group shares were Wednesday quoted at 11.60 pence, down 0.02 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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