Statement re Card Protection Plan Limited

RNS Number : 2889J

CPPGroup Plc

27 June 2017

 

27 June 2017

CPPGroup plc

Statement re Card Protection Plan Limited

CPPGroup Plc (CPP or the Group) announces that the Financial Conduct Authority has approved an application made by Card Protection Plan Limited (CPPL) to lift the current capital and asset (but not trading) restrictions placed on CPPL in the Voluntary Variation of Permissions (VVoP) of November 2012.

This will allow the Group to move on from its previous regulatory issues in its UK business, to place the back book of regulated Card and Identity Protection policies within CPPL into a managed decline position and to focus its efforts on a new strategy for its UK operation. It also follows on from the approval given by the PRA last month in relation to the lifting of the same restrictions previously imposed on Homecare Insurance Limited.

For further information please contact:

CPPGroup Plc

Jason Walsh, Chief Executive Officer

Tel: [phone]

Investec Bank plc

Nominated Adviser and Corporate Broker

Sara Hale; James Rudd; Carlton Nelson

Tel: [phone]

Maitland

Neil Bennett; Daniel Yea

Tel: [phone]

Notes to Editors

CPP provides a range of assistance based services to customers in the UK & Ireland and in a number of international markets across Asia, Europe and Latin America. The Company's core propositions provide peace of mind for customers covering a range of areas including lost and stolen credit cards, identity theft, insurance of mobile devices, and passport assistance.

For more information on CPP visit www.cppgroupplc.com

REGISTERED OFFICE

CPPGroup Plc

Holgate Park

York

YO26 4GA

Registered number: 07151159

 

END

 

 

STRSEUSUWFWSESM