Supersymmetric models with broken R-parity induced by lepton number violating terms provide a calculable framework for neutrino masses and mixings. Within models with bilinear R-parity breaking six new physical phases appear which are potential sources of novel CP-violating phenomena compared to the minimal supersymmetric extension of the standard model. We consider CP-violating observables in the decays of the lightest supersymmetric particle in this class of models. We show that: (i) Neutrino physics requires a strong correlation between three different pairs of phases, thus reducing the effective number of new phases to three. (ii) CP-violating phenomena in decays of the lightest supersymmetric particle due to new R-parity breaking phases turn out to be small, once constraints from neutrino physics are taken into account. We demonstrate that this feature does not depend on the nature of the lightest supersymmetric particle.