Keydata IFAs "face bankruptcy" over PI exclusion

Even IFAs with valid PI can expect costs of £5,000 to £10,000 or more in excess per claim, as most PI policies treat complaints individually even if many relate to the same company. Claims management firm Collegiate Management Services is calling it a "bankruptcy issue" for exposed IFAs. The FOS this month ruled Norwich & Peterborough (N&P) IFAs caused a couple financial loss by advising them to invest in Lifemark-backed products from insolvent investment firm Keydata. N&P are appealing the landmark case which could open the flood gates to claims from nearly 30,000 investors. IFA G...