Date: Wednesday 30 Oct 2013
LONDON (ShareCast) - Revenues have fallen badly at credit card insurance provider CPP Group as it prepared to pay compensation as part of the miss-selling scheme.
The AIM company, which appointed new Chief Executive and Chief Financial Officers in September, said group turnover fell 38% since June 30th.
Renewal rates for its services in the UK fell 0.6% to 70.7% due to publicity around a scheme the company set up to pay miss-selling compensation required by the UK regulator, the Financial Conduct Authority.
Outside the UK, CPP said its live policy base remained stable.
Shares in CPP fell 12.6% to 9.51p at 10:13 on Wednesday.
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