YORK credit card insurer CPP has appointed a new chairman as the business embarks upon its redress scheme.
Earlier this month the High Court approved a compensation scheme which will see CPP pay an estimated £65.8 million to customers who were mis-sold insurance by the firm between 2005 and 2011.
Bosses have said they hope the redress will cement a turning point for the business in putting its mis-selling scandal behind it after being fined a record £10.5 million by the Financial Conduct Authority in November 2012.
As part of its era of new policies and rebuilding reputation CPP Group announced yesterday that Duncan McIntyre has been appointed non-executive chairman, with immediate effect.
Mr McIntyre, who has been a non-executive director of CPP since January 2011, and is currently chairman of the risk and compliance committee, succeeds Charles Gregson, who announced his intention to step down in December.
Mr McIntyre said: “CPP has made good progress following a period of immense challenge and change.
“We still have more work to do, but will work with all our stakeholders to resolve the remaining challenges and are determined in our efforts to stabilise and strengthen the Group for its next phase of development.
“On behalf of the board I would like to thank Charles for his significant contribution as non-executive chairman.”
Mr McIntyre is a qualified accountant who previously led Morse plc as chief executive and was chairman of Monitise plc, where he remained until October 2013.
Until January 1 this year Mr McIntyre also held the role of chairman of the remuneration committee.
Outgoing non-executive chairman Mr Gregson said: “The group has in place a strong and experienced board and management team and Duncan is very well placed to guide CPP through its next phase of development.
“I am grateful to my board colleagues for the strong support that I have received over the years and thank everyone at CPP for their hard work.”
Following High Court approval CPP’s redress scheme is due to become effective tomorrow, after which compensation payments will start being made in spring.