N&P CEO Bullock in shock exit

Laura Miller
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Matthew Bullock, the CEO of troubled building society Norwich & Peterborough (N&P), is leaving the company amid takeover rumours and claims of a £50m misselling scandal of Keydata products.

Bullock will be retiring when a successor is found, after 12 years at the Friendly. In a statement Bullock says the Keydata issue has "dominated" the past 12 months. The troubled building society has admitted its advisers gave "inappropriate" advice to a customer who invested the bulk of their SIPP in Keydata, in a case lawyers involved say mirrors dozens of other claims. Bullock has said N&P, which is being circled by rivals as a potential takeover target, faces costs of up to £50m in poor advice claims from hundreds of angry Keydata investors. Coventry Building Society is at t...

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