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.