Credit card insurer faces multi million pound bill over sales process
The credit card insurer CPP, which has been under investigation from the Financial Services Authority (FSA) for the past year, could face a £15m bill as part of a committment to review past sales.
The York-based company, which sells products to cover identity theft, has agreed with the regulator that it will contact all customers and will be forced to change its tactic of automatic policy renewal.
In a statement, the company said: "CPP has agreed to implement with FSA oversight a number of changes to its renewals process, in order to highlight more clearly to customers that they have the right not to renew the product, and to explain clearly to the customer the advantages and limitations
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