THE man brought in to turn around the fortunes of York credit card insurer CPP has left the company.

Brent Escott has stepped down as chief executive of the Holgate-based firm with immediate effect.

Appointed in August 2013, Mr Escott took the reins in the wake of the business being fined a record £10.5 million by the Financial Services Authority for mis-selling insurance.

He joined CPP on the cusp of a redress scheme, which saw the firm pay out £72.8 million in compensation.

Prior to his departure, CPP last week completed a move from the London Stock Exchange to AIM, raising £20 million to re-finance liabilities.

The group has said it is now commencing a process to identify a new chief executive, with Eric Anstee due to assume the role of executive chairman in the interim.

Mr Anstee said: "The Group has progressed during Brent's tenure and under his leadership and guidance CPP has been successfully repositioned for the future.

"On behalf of the board, I would like to express our thanks to Brent for his leadership and contribution and we wish him every success in the future."

The group praised Mr Escott for "successfully stabilising" CPP through improved processes, strengthened regulatory relationships and significantly reducing the group's cost base.

A statement from CPP said: "As the Group moves forward to the next stage of its development with a clear focus to realise the future commercial opportunities that exist, the Board believes this is best undertaken by new leadership."