Insurance firm lands record fine

MAJOR York employer CPP Group has been handed a record £10.5m fine by the City watchdog for mis-selling credit card and identity theft insurance.

The Financial Services Authority said CPP “failed to treat its customers fairly” between 2005 and March 2011, and warned its fine would have been £15m if CPP had not settled early.

The watchdog found CPP sold customers insurance for credit cards which was not needed because they were already covered by their banks. It also overstated the risks and consequences of identity theft.