CPP to cut one in ten workers

Troubled card insurer CPP is seeking to cut ten per cent of its UK workforce as the firm attempts to restructure its business in the aftermath of a damaging probe by regulators. The firm currently employs over 1,300 people and if not enough take voluntary redundancy by the end of March, the firm will consider compulsory redundancies. CPP has been under investigation from the Financial Services Authority since last March over allegations of mis-selling its card protection products.