Nearly 400 N&P customers with Keydata investments taken out in 2006-7 will pass on their cases to the Financial Ombudsman Service in the next fortnight in a bid to have their complaints addressed.
Over 3,000 N&P savers, mostly elderly and risk-averse, were urged by the Society's advisers during 2006 and 2007 to invest in supposedly low-risk bonds marketed by Keydata, the Financial Mail reports. In some cases, N&P advised people to invest 75% or more of their life savings, sums that far exceeded the levels protected by the FSCS. However, it has so far refused to deal with complaints relating to poor advice as it claims these cases relate to Keydata. N&P has already been found against by the FOS in one Keydata case, although it is contesting this. It says: "We are trying t...
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