Breaking news: CPP executives stand down

TWO senior figures at troubled credit card protection policy firm CPP are standing down.

CPP announced chief operating officer Stephen Kennedy and UK and Ireland managing director Mike Kneafsey are stepping down from their roles “with immediate effect” and will leave the company at the end of September.

The business has been dealing with the fallout of an investigation by the Financial Services Authority into some of its sales practices which has left it with a multi-million pound bill and hit its share price.

Chief executive Paul Stobart said: “On behalf of the board and the company I would like to thank Stephen and Mike for their contribution and wish them both every success for the future.”

The company said it was looking for a replacement for Mr Kneafsey but the role of chief operating officer would not be filled.