CPP saved by banks a year after being fined for mis-selling The mis-selling scandal ran between 2005 and 2011, during which time CPP sold 4.4m policies and renewed almost 19m. Of the 4.4m policies, it is believed only about 300,000 were sold directly by CPP, while lenders were responsible for 4.1m. Regulators criticised CPP for treating customers unfairly, selling them insurance they did not need, automatically renewing policies and exaggerating the risks of not taking out its insurance. It is thought the compensation pot will total several hundred million pounds, with banks likely to contribute the bulk of this. CPP recently set aside £51.7m to cover the fine, customer compensation and other costs - but warned this figure may rise further. Majority shareholder Hamish Ogston, who founded CPP more than 30 years ago, recently walked away from an attempt to buy CPP for £1.7m. The company also confirmed chief executive Paul Stobart and finance director Shaun Parker will leave once the refinancing is complete. CPP now employs more than 1,100 staff worldwide, including 725 UK staff, of which 560 are in York. Edited by Andrew Trotman