- Mobile site
- E-Newsletters
-
- News feed
- Find us on Twitter
@yorkpress
Follow us on Twitter
- Find us on Facebook
The Press, York
Like us on Facebook
CPP looks to court arrangement over compensation payments (From York Press)
Get in touch: send your photos, videos, news & views by texting YORK to 80360 or send an email»
CPP looks to court arrangement over compensation payments
6:39pm Friday 21st September 2012 in News
By Julie Hayes, Business editor
TROUBLED York insurance company CPP has confirmed it is considering a court-approved agreement to settle compensation claims for its customers.
The business, which has been in discussions with the Financial Services Authority (FSA) since March 2011 surrounding the mis-selling of its identity and card protection products, confirmed the FSA was now talking to banks and business partners, which sold CPPs products as part of a package.
A spokeswoman said media reports that CPP faced bankruptcy if the banks would not agree to what the FSA suggested they contribute to the compensation package were "speculation".
The business, which employs almost 1,000 people in York, issued a statement saying that it continued to have "positive and constructive discussions with the FSA regarding the form, structure, details and timing of customer redress and the settlement of customer claims".
"These discussions have also included certain of the group's larger business partners," it said. It confirmed that it was considering a "solvent scheme of arrangement" regarding the compensation, emphasising the business was not insolvent.
"Consideration of these options is at an early stage, however, and no decisions have been made.
"CPP remains committed to achieving an outcome that is acceptable to all stakeholders and which will enable us to progress and provide a greater degree of certainty for the business," it said.
Comments(16)
Hoofarted
says...
6:19am Sat 22 Sep 12
Get rid! And give the building to people unable to get on the property ladder due to the artificial inflated house prices, via low interest rates.
peterstreet
says...
8:58am Sat 22 Sep 12
Hoofarted wrote:do you not realise that there are 1000 York jobs at stake here? typical of some people who use this site,unthinking and uncaring only interested in hearing the sound of their own keyboard. and who are you to talk about democracy & corruption? you don't even have the courage to post under your own name no matter how apt your silly name is!
Corrupt mis-selling has no place in a democracy. Tricking people into taking out insurance but failing to alert them to the loop holes/impossible clauses has been going on for a long time at cpp. Some ex staff i have spoken to felt ashamed when people rang to activate an insurance claim, only to be refused on some sinister technicality.
Get rid! And give the building to people unable to get on the property ladder due to the artificial inflated house prices, via low interest rates.
AnotherPointofView
says...
9:15am Sat 22 Sep 12
peterstreet wrote:She's JA's mate - Red Sonja.
Hoofarted wrote: Corrupt mis-selling has no place in a democracy. Tricking people into taking out insurance but failing to alert them to the loop holes/impossible clauses has been going on for a long time at cpp. Some ex staff i have spoken to felt ashamed when people rang to activate an insurance claim, only to be refused on some sinister technicality. Get rid! And give the building to people unable to get on the property ladder due to the artificial inflated house prices, via low interest rates.do you not realise that there are 1000 York jobs at stake here? typical of some people who use this site,unthinking and uncaring only interested in hearing the sound of their own keyboard. and who are you to talk about democracy & corruption? you don't even have the courage to post under your own name no matter how apt your silly name is!
lels
says...
9:21am Sat 22 Sep 12
peterstreet
says...
9:33am Sat 22 Sep 12
lels wrote:idiotic! and you cowards claim to be representative, this site becomes a bigger joke day by day
CPP has based their business model on a pyramid scheme all show but no foundation. Management are corrupt and must be punished. If this means job losses so be it. Underhand methods have no place in business.
Buzz Light-year
says...
9:52am Sat 22 Sep 12
you don't even have the courage to post under your own name
...is just about the stupidest thing anyone could say on a facility like this.
Silver
says...
10:51am Sat 22 Sep 12
peterstreet wrote:POT calling kettle, you also do not have the courage to post under your name
Hoofarted wrote:do you not realise that there are 1000 York jobs at stake here? typical of some people who use this site,unthinking and uncaring only interested in hearing the sound of their own keyboard. and who are you to talk about democracy & corruption? you don't even have the courage to post under your own name no matter how apt your silly name is!
Corrupt mis-selling has no place in a democracy. Tricking people into taking out insurance but failing to alert them to the loop holes/impossible clauses has been going on for a long time at cpp. Some ex staff i have spoken to felt ashamed when people rang to activate an insurance claim, only to be refused on some sinister technicality.
Get rid! And give the building to people unable to get on the property ladder due to the artificial inflated house prices, via low interest rates.
bluephoenix
says...
12:19pm Sat 22 Sep 12
Rule Brittania
says...
5:01pm Sat 22 Sep 12
chickpea
says...
11:20am Sun 23 Sep 12
chickpea
says...
11:22am Sun 23 Sep 12
Rule Brittania
says...
12:25pm Sun 23 Sep 12
chickpea wrote:Two sides to every story then,let the readers be judge and jury,,what about Clark Kent??
I worked for this company for 6 yrs and misselling was endemic. Even those of us who worked within the rules still knew that we were selling a product which is essentially worthless. It may not be illegal to sell identity protection to an elderly person who is only calling in because they have been burgled and need to block their cards and is in a distressed state, but it's morally wrong. But if I didn't do it I would be penalised. What started as a customer service role, increasingly became telesales as more and more pressure was put upon staff, and CPP created more types of dodgy insurance. Phonesafe, HomeAssist, IPP to name a few. The majority of my calls were complaints about misselling. It was a demoralising job and I am glad to be out of it.
Kevin Turvey
says...
2:34pm Mon 24 Sep 12
‘1000 jobs’ mainly part time, poorly paid positions.
CPP were pretty good at positive PR though so they appeared to be a 1st class business when in fact they are not or should I say ready for its inevitable demise - were not?
The adverts for pay when they were advertising with vacancies were entirely misleading as a friend of Mrs Turvey who worked there for a short period can testify, she left as she did not want to lie for a very poor living!
Bye Bye CPP you will not be lost.
Hopefully other dodgy businesses will go the same way as the recession bites ever deeper!
Dynorod
says...
11:59pm Sun 14 Oct 12
I worked in banks for many years and the change there to hard sell telesales rather than Customer Service has made many leave and ensures these jobs are constantly also being advertised now.
I was approached by CPP last week who found my CV online and sweat talked into an interview this coming week. I am now 100% sure I will not be going and I am sure I am making a wise decision avoiding this company.
Dynorod
says...
12:00am Mon 15 Oct 12
dodgydavereturns says...
10:39pm Fri 21 Sep 12