NandP takes ombudsman to High Court

Norwich and Peterborough is taking the Financial Ombudsman to the High Court in a test case which will decide the level of interest it pays on all its Tessa accounts. The building society has been told by the ombudsman it must pay compensation to one of its members after a complaint the interest paid on his Tessa Select account between April 1999 and September 2000 was lower than that on NandP's Tessa-only Isa, which was introduced when Isas became active in April 1999. However, NandP is contesting the ruling and argues Isas were not introduced to replace Tessas, and therefore NandP's d...