CPP has a strong future in the financial services industry, a York MP has claimed as he asks Government to support the business.

Hugh Bayley, MP for York Central, has written to the Department for Business, Innovation and Skills asking for support for CPP with funding set aside for companies creating jobs and growth.

He said that Hamish Ogston, the founder of the business, who is in discussions about buying the business back, plans to invest in the business and create new products relevant for the incoming "cashless" economy.

He said that Government backing would also boost private sector confidence in the company, which was damaged by the investigation made by the FSA, now known as the Financial Conduct Authority.

Mr Bayley said: "The fact that the entrepreneur that dreamed up its products wants to buy the company back and invest a lot in it means he believes there are a lot of good products it can develop and market nationally and internationally. Some of his ideas are very imaginative and forward looking - exactly the sort of ideas he had when he first set up the company.

"To develop and sell new products it needs backing from the Government. If it doesn't get it, foreign companies will gain market share at CPP's expense.

"CPP has addressed the mistakes it made. It's now in a position where it's not going to make similar mistakes in future. It has got lots of bright ideas about how to expand the business and has a good track record of creating and expanding the market for financial services, which has brought hundred of jobs to York.

"We have lost some of those jobs and I believe if the Government works with the company it will be able to start to grow again quite fast and soon be in a position to start taking on more people."