CPP secures £36m lifeline deal

York-based credit card insurer CPP, which sells card protection on behalf of major lenders such as HSBC, yesterday agreed a new refinancing package which will secure its future. CPP, which was fined £10.5m by the Financial Services Authority last year for “widespread” mis-selling, has secured a £13m credit facility from its lenders, expiring in July 2016. It said some of its banking business partners had also allowed it to defer £23m of commission due to them in 2014 to 2017.