N&P admits 66% SIPP investment in Keydata 'inappropriate'

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...