New chief executive and CFO appointed at CPP

CREDIT card insurer CPP has appointed a new chief executive and chief financial officer.

Brent Escott will take the role of chief executive of the York-based group, while Craig Parsons is the new CFO.

Mr Escott joined CPP in June in the role of interim deputy CEO. He has more than 20 years’ experience in the insurance industry, most recently as managing director, general insurance division at Capita where he oversaw the commercial insurance business and operations in Netherlands, Denmark and France.

He was previously managing director of the UK division of Brit Insurance Holdings and was founder and managing director of Club Direct Insurance Services.

Mr Parsons has held a senior role in CPP’s group finance function since 2002, his most recent position being director tax and treasury, and in this capacity he sat on the group executive committee and group operating committee.

He has held primary responsibility for the group’s lender relationships and played a leading role in the successful refinancing of the business in July.

Mr Escott said: “Significant progress has been made over the past two years to refocus the business following the onset of the FCA’s investigation. During my first two months at CPP I have experienced a determined company that is working hard to put its historic issues behind it after a period of immense challenge. There remains much work to be done to reposition the business for the future and I look forward to leading CPP in the next phase of its development.”

Mr Parsons added: “My 12 years with CPP mean that I know the business exceptionally well and have a comprehensive understanding of the issues we face. Significant financial challenges remain, but the recent refinancing represents a more stable platform for the business and I am looking forward to working alongside Brent to support the repositioning of the group.”

It was announced last month that chief executive Paul Stobart and chief finance officer Shaun Parker would step down after an appropriate handover period.

Last year, the insurer that specialises in ID and credit card theft protection was hit by a £10.5m fine by the Financial Services Authority for mis-selling policies.