CPP shares hit by Barclaycard blow

Shares in the credit protection firm CPP sank a further 14 per cent to 129p yesterday after its contract to manage Barclaycard's credit card activation line was cancelled.

The business accounts for about 2 per cent of CPP's revenues and will hit its profits from renewals from 2012 onwards. However, CCP denied that Barclaycard's move was directly related to its announcement a fortnight ago that it was being investigated by the Financial Services Authority in relation to alleged failings in sales calls.