Monday, February 20, 2012

CPP - shares suspended

CPPGroup Plc (CPP) is an international company engaged in Life Assistance business with operations in 15 geographical markets in both developed and developing countries. CPP has launched range of products, which include card protection, mobile phone insurance, legal assistance and identity theft protection. CPP is also engaged in the provision of Packaged Accounts where it sources products and services to create a tailored package for bank account customers. CPP also provides a range of travel support services, such as translation and lost-and-found luggage services, as well as access to airport lounges worldwide. Its joint venture with Mapfre Asistencia provides assistance for plumbing, drainage, gas, electrical and other home-related emergencies.
Today it announced that trading in shares will be suspended:
follows communications from the FSA over the weekend concerning its investigation into certain issues surrounding the sale of the Group's Card Protection and Identity Protection products in the UK. The FSA has requested CPP to undertake a review of certain past business sales and to make certain changes to its renewals process. The request comes as a result of the FSA's findings into CPP's sales practices.
Needless to say, I deeply regret buying this dog. I shouldn't have let it's good returns on equity and cheap price influence the fact that, at base, the company provides a pretty skuzzy product. I ignored Buffett's first rule: don't lose money. You don't have to do many things right, just so long as you don't do many things wrong. Sigh. I live and learn. Hopefully.

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