The FSCS has recouped £28m from Norwich & Peterborough (N&P) after the building society admitted it mis-sold investors Keydata products, putting levy payers in line for a rebate.
This month the FSA fined N&P £1.4m for mis-selling Keydata investments, and the building society will have to payout approximately £51m in redress to customers. The £28m is for compensation the FSCS paid to N&P Keydata customers while the building society continued to deny responsibility for giving investors unsuitable advice. FSCS chief executive Mark Neale, said levy payers - who this year shelled out £326m in an interim bill mainly related to the cost of Keydata products - will benefit from the recovery. "This is a positive development for both consumers and our levy payers. It ...
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