Updated: York based CPP, the card protection and insurance company, said its last quarter of trading was “resilient” despite the cloud of the Financial Services Authority (FSA) investigation continuing to linger.

Shaun Parker, chief financial officer, said the company had maintained growth with other parts of the business compensating for the lost revenues from its identity protection product following the FSA launching an investigation into issues surrounding the sale of its card protection and identity protection products.

He said that in the UK market, its mobile phone insurance business had grown, driven by more people wanting to insure expensive smart phones, as well as its packaged products sold in partnership with the banks.

The business released an interim management statement for the period since June 30, which said the group had grown revenue by six per cent for the period, with its live policy base increasing by one per cent to 11 million customers. It warned in its half-year results in July that margins would be hit by the FSA investigation and confirmed that underlying operating profit margin at 13.8 per cent was 0.9 per cent lower than the same period in 2010.

The business launched Identity Safe – a product without insurance, after the FSA launched its investigation, which is only being sold online. Mr Parker said that unfortunately business partners, who had seen the product in detail and liked it, were held back from adopting it while the investigation continues.

He said the business is about to launch in Brazil, and is seeing keen growth in North America and India.