British credit card insurer CPP has decided to suspend its shares following new scrutiny from the Financial Services Authority (FSA) regulator into its business practices, which have been the subject of an FSA probe for much of the last year.

CPP said on Monday that the FSA wanted it to review other previous business sales and make some changes to its renewals process.

CPP reiterated that the ongoing FSA probe would have a significant adverse financial impact on the company, and would therefore suspend trading in its shares given the ongoing uncertainty over the company's position.

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

Last week, it suffered a new blow when Barclaycard decided against renewing its contract with the company.

(Reporting by Sudip Kar-Gupta and Adveith Nair)