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CPP loses Barclaycard amid mis-selling probe
CREDIT card insurer CPP has lost its contract with Barclaycard as a regulatory probe in sales practices continues to damage the company.
Barclaycard had already suspended some sales of CPP products last year but will now end all other sales within the next six months.
The Financial Services Authority has been investigating the insurer since March 2011 amid concerns that the company may have mis-sold its identity theft protection product.
CPP played down the latest announcement, saying that Barclaycard were predicted to provide “less than one per cent of group revenue in 2012” but investors fear that more card providers may end their association with the firm.
Shares closed down 11.6 per cent at 105p, compared to a high of 310.8p last March.