CPPGroup Plc Statement re Customer Redress and Associated Costs (9622Y)
December 05 2014 - 4:18AM
UK Regulatory
TIDMCPP
RNS Number : 9622Y
CPPGroup Plc
05 December 2014
CPPGROUP PLC
05 December 2014
Customer redress and associated costs
Customer redress and associated costs
CPPGroup Plc (CPP or the Group), confirms that its provision for
customer redress and associated costs has been increased by GBP3.0
million, reflecting the latest estimate with respect to the
residual customer redress activity as outlined in the Group's Half
Yearly Report. This will be funded from existing VVOP restricted
capital held within the Group's UK regulated entities. The total
cost provided for customer redress and associated costs is GBP72.8
million and the amount of this provision remaining is GBP14.9
million(1).
The process to restructure the Group's balance sheet, strengthen
its capital position and in addition, consideration of a potential
sale of the Group under a formal sale process, announced on 14
November 2014, is on-going and further announcements will be made
in due course.
(1)GBP14.9 million represents GBP6.4 million remaining customer
redress and associated cost provision and GBP8.5 million
outstanding regulatory fine which is recognised in non-current
payables within the Group balance sheet.
Enquiries:
Investor Relations
CPPGroup Plc
Brent Escott, Chief Executive Officer
Craig Parsons, Chief Financial Officer
Tel: +44 (0)1904 544702
Helen Spivey, Head of Corporate and Investor Communications
Tel: +44 (0)1904 544387
Media
Tulchan Communications: Martin Robinson; David Allchurch
Tel: +44 (0)20 7353 4200
Notes to Editors
CPPGroup Plc is an international assistance business operating
in the UK and overseas within the financial services,
telecommunications and travel sectors. CPP primarily operates a
business-to-business-to-consumer (B2B2C) business model providing
services and retail, wholesale and packaged products to customers
through Business Partners and direct to consumer. The Group's core
assistance and travel service products are designed to make
everyday life easier to manage.
For more information on CPP visit www.cppgroupplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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