Big lenders urged to keep supporting CPP Some of the UK's biggest banks are under political pressure not to cut financial ties with CPP as the troubled credit card and identity theft insurer faces the threat of administration following a mis-selling scandal. The chief executives of Barclays, Santander and Royal Bank of Scotland were sent urgent letters on Friday from parliamentarians in the constituency of York-based CPP, calling on them to continue backing the company as it faces a £15m bill for mis-selling. IN Personal Insurance The move came after CPP announced that it had reached a deal with the Financial Services Authority to contact customers sold its card and identity protection insurance products to find cases of poor sales practices. CPP, whose shares were suspended on February 20 following action by the FSA, also agreed to restrictions on asset disposals and to not pay any final dividend for the financial year ended December 31 2011. The company, which has 4.5m policyholders in the UK, estimates the total bill from compensation, the potential loss of renewal business and the past business review at £10m- £15m. The company is still in discussions with its lenders while it thrashes out details of the FSA deal. But its financial lifelines looked under threat as it was reported at the weekend that the banks had decided not to renew the company's borrowing facilities which expire in March 2013. In the joint letter to the banks, Hugh Bayley, MP for York Central, and Julian Sturdy, MP for York Outer, warned that up to 1,500 jobs could be lost if the company went into administration. "CPP has confirmed to us its commitment to undertake a business review to provide the right level of compensation to customers who were mis-sold and are working hard to meet the FSA's recommendations," said the letter. In light of the ongoing and positive talks between the FSA and CPP, we would strongly urge all involved parties to place the importance of local jobs at the forefront of any discussions with the business. We firmly believe that a balanced and sensitive approach would secure such jobs and enable the organisation to work through its difficulties over the coming weeks and months. RBS declined to comment. Barclays and Santander did not respond to requests for comment. CPP was valued at just above £175m when its shares were suspended last week, down from £480m a year ago.