Staff at credit card insurer CPP have written to the country's Financial Services Authority (FSA) to complain about the regulator's probe into the company, which CPP says threatens its very existence and puts thousands of jobs at risk.

CPP, whose products are aimed at victims of identity theft, has been under investigation by the FSA since last March. The FSA says CPP may have overstated the risks of identity theft to customers and not properly explained how its products worked.

CPP's Employee Communications Forum (ECF) sent Reuters a copy of the letter it had sent to the FSA on Thursday.

We, as the ECF, now think it is imperative that you visit us to meet the employees, and get a clearer understanding of the decisions you are proposing, and the detrimental effect that these decisions will have on our customers and employees, said the letter.

The letter was signed by 11 CPP employees, including team managers Katie Kidd, Claire Goodall and Darren Giles.

The FSA declined to comment on the CPP letter, and reiterated its earlier position concerning its concerns over CPP's business practices.

CPP said this month that the FSA probe put its future at risk, and it suffered a further blow when Barclaycard decided against renewing its contract with CPP.

CPP suspended trading in its shares due to the uncertainty surrounding the FSA's investigation and delayed the publication of its annual results, which were due in March.

CPP's shares, which first listed on the stock market in 2010, last traded at 103 pence, giving CPP a market capitalisation of around 180 million pounds.

(Reporting by Sudip Kar-Gupta; Editing by Richard Chang)