Hamish Ogston

Hamish Ogston CBE, FRSA, FRGS[1] (born 1948) is a British businessman and philanthropist,[2] founder and former chairman of CPP Group plc.

Personal life

The son of a dental surgeon,[3] Ogston was educated at Cranleigh School.[4] At the age of 17, Ogston joined the Norwegian[5] and German Merchant Navies. Upon leaving the UK, his father gave him £50 at Euston Station and didn't see him again for a year[3] as he worked his way around the world on building sites in Toronto, farms in New Zealand and in the advertising department of Esso in Sydney, Australia. Ogston subsequently attended Manchester University, where he studied Management Sciences, graduating in 1970.[3]

Business career

Upon leaving Manchester University in 1970, Ogston co-founded Countdown PLC – Europe's first retail loyalty card company that eventually operated in 16 countries.[3][6]

In 1977 Ogston co-founded Supreme Awards,[1] which he sold to Luncheon Vouchers.[6] Ogston also co-founded the Guinness World of Records Museum at London's Trocadero in 1979.[4]

In 1980 he was one of the original investors in the marketing rights to the FIFA World Cup[6] in Spain and launched Sportsworld Gp plc,[1] a specialist hospitality, travel and event services company delivering sporting and cultural occasions such as the Olympic Games and Football World Cups.[7]

CPP

In 1980 Ogston founded Card Protection Plan Ltd., which successfully grew into what became the CPP Group (CPP). He persevered for 13 years before the company fully recovered its startup losses and 21 years before it paid its first dividend. Ogston was also tested by a 12.5 year legal battle with Customs and Excise (HMRC) which went through 6 courts, including the House of Lords and the European Court of Justice, before coming out the victor. The judgment became a landmark case and is the most cited in VAT history. CPP grew into a company operating in 16 countries with over eleven million customers, 200 business partners worldwide[8] and 2,200 employees.[9]

Ogston's involvement in the day-to-day management of CPP ceased in 1999, but he continued to serve as the company's non-executive chairman. He retained this position until January 2010,[10] although from July 2004 he handed over the responsibility for chairing and administering the board to Mr. Colin Lloyd, the senior independent non-executive director. In March 2010 CPP floated on the main market of the London Stock Exchange. Ogston stayed on as a non-executive director until June 2013[4][11]

The UK FSA announced an investigation into two of the products sold by CPP in March 2011. Prior to the investigation, CPP was valued at £533m.[12] However, the uncertainty caused by the FSA forced CPP to suspend its shares on 20th February 2012 and, due to the support offered by Ogston, was able to relist five weeks later, and according to Stock Exchange records, is only the second company to return to a full listing in its original form.

The FSA's investigation concluded in November 2012 with the imposition of a civil financial penalty of £10.5 million.[8] The FSA disciplinary notice acknowledges that CPP took a number of steps to improve systems and controls during the relevant period.[8]:§3.68

In an August 2013 telephone conversation with the Press Association, Ogston remarked that the compensation figure set by the FSA was 'ridiculous.'[13][14] The comment referred to the process of calculating the figure, which assumed a 100% success rate of the compensation scheme,[15] but it was later misinterpreted by media outlets.[13][16] Ogston was subsequently proved right when the payout was a third of the figure published by the FCA.

Although media accusations suggested that the Card Protection Plan policy was 'largely useless'[17] and 'unnecessary,'[18] only 1 out of the 18 benefits offered by the policy was subject to criticism by the FSA and FSA's Final Notice acknowledged that the policy offered a number of other features.[8]:§3.7

Philanthropy

Ogston is one of Yorkshire's biggest philanthropists and in 2008 he gave £2m to York Minster, helping the Minster reach its target for vital restoration work to start.[19][20] At the request of York City Council, he provided the initial funding to commission a report on the possible development of 100 acres of brown field site in the centre of York. He is a Vice-President of the Georgian Theatre Royal, Richmond, North Yorkshire[21] and a former benefactor of the Oxford Philomuscia Trust.[22]

In 2009 Ogston funded the construction of Cranleigh School's new organ, a project undertaken by the renowned organ maker Mander Organs.[23] In 2011 Ogston pledged NZ$4m to help rebuild Christchurch Cathedral, New Zealand following the earthquake.[24] In March 2014, after seeing nothing had been done with the building, he reiterated his offer and recommended the establishment of foundation to oversee construction work.[25][26] He has also donated the cost of building the Life Sciences building at St Edward's School, Oxford and in July 2013 the building was formally named the Ogston Building.[27] His other donations to St Edward's School secured land originally intended for the construction of a new music school, but which is now being put towards the site of a new 1,000-seat concert venue for St Edwards Oxford, Oxford University the Oxford City Council and the Oxford County Council.

Ogston has played a role in the rejuvenation of Rangoon General Hospital. At the behest of the Burmese leader of the opposition, Aung San Suu Kyi, Ogston held discussions with seven British university medical schools, to find one that would be prepared to rebuild the Hospital's healthcare system and provide a degree course for the brightest Burmese medical students. The leading candidate was University College London Medical School, who submitted an outline proposal to Aung San Suu Kyi in her role as head of the hospital rejuvenation committee.[28]

Awards

Hamish Ogston was awarded a CBE in 2011 for services to business and the community in York.[5] In 2001 he became a Fellow of the Royal Society of Arts. Ogston has also been awarded Ernst & Young Entrepreneur of the Year Financial Services Award in 2000[1] and Outstanding Alumnus of the Year Award from University of Manchester in 2002.[1]

References

  1. 1 2 3 4 5 "Hamish Ogston". Debretts.
  2. ↑ Staff (30 December 2010). "Insurer who gave £2m to Minster fund becomes CBE". The Yorkshire Post.
  3. 1 2 3 4 Staff (9 August 2000). "Twenty Questions: Hamish Ogston, founder of Card Protection Plan (CPP)". The Independent.
  4. 1 2 3 Boyle, Catherine (25 March 2010). "Business big shot: Hamish Ogston of CPP". The Times.
  5. 1 2 Staff (31 December 2010). "Business Diary: Ogston's gong is well deserved". The Independent.
  6. 1 2 3 "Judging and Voting". Profile of judges for the CPP Trailblazers Awards
  7. ↑ SportsWorld homepage
  8. 1 2 3 4 Final Notice of Judgement from the Financial Services Authority dated 14 November 2012
  9. ↑ (PDF) http://web.archive.org/web/20150610221430/http://www.cppgroupplc.com/pdf/cpp001_ara-2010_110401.pdf. Archived from the original (PDF) on 10 June 2015. Retrieved 19 November 2013. Missing or empty |title= (help)
  10. ↑ Hamish Macgregor Ogston CBE profile at Business Week
  11. ↑ McSmith, Andy (23 August 2013). "Prosecute CPP tycoon Hamish Ogston over mis-selling, urges Labour MP". The Independent.
  12. ↑ CPP Group Trading Price at London South East
  13. 1 2 Dey, Iain (25 August 2013). "Banks on alert over CPP deal". The Sunday Times.
  14. ↑ Goff, Sharlene (22 August 2013). "CPP: UK lenders got up to 60% commission for mis-sold insurance". Financial Times.
  15. ↑ Huband, Graham (23 August 2013). "Millions to share payout over mis-sold CPP policies". The Courier.
  16. ↑ Barrow, Becky; Salmon, James (21 August 2013). "Credit card insurance shark's £100million bonanza: Tycoon who amassed fortune through mis-selling racket describes £1.3BILLION compensation deal as 'b******s'". Daily Mail.
  17. ↑ Jones, Rupert (22 August 2013). "Banks to pay out £1.3bn in credit card compensation". The Guardian.
  18. ↑ Murray-West, Rosey (12 March 2013). "Mis-selling compensation delayed for millions". The Telegraph.
  19. ↑ Wright, Greg (28 March 2013). "CPP founder offers £1.7m for firm valued at £396m in 2010". The Yorkshire Post.
  20. ↑ Lewis, Haydn (27 August 2008). "CPP founder's £2m for Minster". The York Press.
  21. ↑ "Meet the Team". Georgian Theatre Royal.
  22. ↑ Oxford Philomusica Campaign Brochure
  23. ↑ "Mander Organs".
  24. ↑ "Billionaire Hamish Ogston gives to Christchurch" on OneNews. TVNZ (New Zealand)
  25. ↑ Stylianou, Georgina (4 March 2014). "British rich lister wants cathedral restored". The Press, New Zealand.
  26. ↑ Cooper, Emily (4 March 2014). "Billionaire's Christchurch Cathedral pledge". 3 News.
  27. ↑ Gaudy Speech 2013. Speech delivered on the occasion of the 150th Anniversary "Gaudy" celebration at St Edward's Oxford.
  28. ↑ "Written evidence to UK Parliament". January 2014.

External links

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