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 ...
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