CPP unclear when UK's FSA will finish probe on it

LONDON: British credit card insurer CPP Group said it was unclear when a regulatory probe into aspects of its business, which caused its shares to slump at the start of the year, would be completed.

Earlier this year, Britain's Financial Services Authority (FSA) regulator said it was probing the way in which CPP sold protection against identity theft. CPP said the FSA's investigation was continuing but it did not know when it would be completed.

"We continue to work with the FSA in relation to its ongoing investigation, however the timeframe to the conclusion of such discussions remains unclear," CPP Chief Executive Eric Woolley said in a statement.

Within a fortnight of the initial probe being announced, CPP said Barclaycard had decided to suspend sales of CPP products through a card activation channel.

CPP also reported on Tuesday that its earnings per share for the six months ending June 30 had risen by 28 percent from a year ago to 9.34 pence, while pre-tax profits rose 33 percent to 23.1 million pounds.

Copyright Reuters, 2011