Norwich & Peterbourgh Building Society (N&P)has written to its Keydata customers saying it is still "actively seeking a resolution" to the situation.
The building society is rumoured to be in talks to front a £13m - £20m loan to stave off the liquidation of Lifemark, the cash-strapped Luxembourg-based fund which backed Keydata bonds sold by N&P. Convincing investors to stay in a rescued Lifemark would be a cheaper option for the building society as N&P's CEO Matthew Bullock has admitted the company faces compensation costs of up to £50m. This is because of claims it mis-sold Keydata products to some of the 3,100 clients who invested on advice from N&P IFAs. Dated last Thursday, the letter from Bullock says:"We are actively and ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes