Norwich and Peterborough guilty of mis-selling Keydata financial products to East Anglian investors
The Norwich and Peterborough building society has lost its appeal against a Financial Ombudsman Service ruling that it mis-sold products to a customer.
The ombudsman has issued a final ruling against N&P after the building society had appealed its initial ruling at adjudication stage.
N&P sold around �50 million-worth of Keydata policies to approximately 3,500 clients. Keydata has since collapsed, leaving the investments in limbo.
Most of those clients have claimed from the Financial Services Compensation Scheme. But others have lodged complaints with the Financial Ombudsman Service (FOS).
This ruling is the first which says conclusively that the N&P mis-sold products. FOS is currently considering at least 66 other similar complaints from N&P customers. Regulatory Legal, which represents a group of investors say it has lodged 370 complaints.
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If those complaints are upheld, the building society could face a multi-million pound compensation pay-out.
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