Troubled building society Norwich & Peterborough (N&P) has admitted its advisers gave "inappropriate" advice to a customer who invested the bulk of their SIPP in Keydata, in a case lawyers involved say mirrors dozens of other claims.
N&P, which is being circled by rivals as a potential takeover target, faces a multi-million pound claim of poor advice from hundreds of angry Keydata investors. They allege they were mis-sold or over-exposed to life settlement fund Lifemark, which was marketed by Keydata before its collapse in 2009, following advice from N&P advisers. N&P have staunchly defended their advice process. But in a letter responding to one investor's complaint seen by IFAonline it admits its 2007 recommendation was wrong for the customer. The letter says investing £50,000, or around two-thirds of his S...
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