£1.3bn payout for mis-sold insurance ‘ridiculous’

The founder of a card insurance firm at the centre of a £1.3bn (€1.5bn) mis-selling scandal launched a colourful tirade against City regulators as they announced a compensation package for 7m victims.

Hamish Ogston, who owns a majority stake in CPP, responded in robust language after action was announced by the Financial Conduct Authority over the scandal involving 13 banks and credit card firms.

The lenders, together with CPP, have agreed to offer redress for mis-sold credit card and identity theft protection policies. But Mr Ogston declined the opportunity to express regret.