CPP Group announces FCA trading approved for Blink UK

CPP Group announces FCA trading approved for Blink UK

CPP, the international product innovation business, is pleased to announce that its application to the FCA for its UK subsidiary company, Blink Innovation (UK) Limited (Blink UK), has been approved; as such Blink UK is able to commence trading as a regulated insurance intermediary business with immediate effect.

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As a result of full trading permissions being granted, CPP’s regulatory presence is extended which allows the Group to sell regulated products in the UK market. This now enables the business to focus its efforts on a new strategy for the UK operation whilst continuing to provide an excellent service to its existing customers. This announcement follows on from the FCA and PRA lifting the capital and asset restrictions placed on the two regulated firms in the UK markets earlier this year and is reflective of the progress that CPP is making in the UK market, which has recently been bolstered by the permanent appointment of David Ross to run the Card Protection Plan Limited business. David is ACII accredited and the current President of the Insurance Institute of Leeds.

CPP acquired Blink, an innovative product and systems developer based in Cork, in March 2017 to enhance the Group’s product set and innovation capability. Blink’s launch product is focussed on the travel insurance market and was part of the FCA’s Project Innovate ‘sandbox’ programme.

The Group will utilise Blink as a platform to develop innovative assistance and insurance products both for the UK market and internationally. In the UK this will now also involve a relaunch of the UK’s distribution network.

Commenting on the news, Jason Walsh, Chief Executive of CPP Group said:

“The FCA approval is a key milestone in our strategic plan and the development of CPP. For the first time in five years we are able to actively market and sell regulated products in the UK market. I am pleased that whilst we continue to grow our international business, we are also now able to build our UK business once again. This news firmly draws a line under the historic issues in our UK business, allowing us to move forward and to continue to grow.”

Paul Prendergast, CEO of Blink added:

“I am delighted that approval for trading in the UK has been granted by the FCA. As the first Insuretech to have been part of the FCA Sandbox programme in 2016, it is fantastic to have continued our journey with this authorisation. As we are now able to sell regulated products in the UK, this opens up greater opportunities for further innovation to help us achieve our goal to become a progressive technology enabled organisation both in the UK market and internationally.”

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