Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

Business News

CPP bosses walk out to cut the costs

The chief executive and finance director of troubled credit card insurer CPP decided cost-cutting across the company would have to include their own jobs.

Hundreds of CPP's 1200-strong UK workforce are likely to lose their jobs.

CPP, which has been hit by more than £50m of fines and potential compensation claims for mis-selling its products, is facing a possible takeover bid from its founder, Hamish Ogston. Paul Stobart, the chief executive, was paid £450,000 a year and Shaun Parker, the chief financial officer, £268,000.