Chairman takes the helm at CPP

YORK-BASED life assistance products firm CPP has appointed executive chairman, Roger Canham.

He joined the board of CPP earlier this year, and will replace Eric Anstee immediately, who will step down from the board.

Mr Canham is non-executive chairman of Hornby, the international models and collectibles group, and has also been chairman of Phoenix Asset Management Partners Limited, one of the group’s major shareholders, since 2009.

The group sells assistance products to customers through business partners and direct to consumers, and has had a tumultuous few years that have threatened its existence.

Last year the group closed two UK offices and four overseas offices, removed its chief executive, found £20m of cost savings and raised £20m in equity funding. It also reduced its pre-tax losses from £43.2m to £7.7m.

CPP Group is still trying to recover after it was badly affected by the mis-selling saga, when it was fined £10.5m by the Financial Conduct Authority in 2012 and paid out £65.8m in compensation to customers.