Norwich & Peterborough (N&P) building society has its back against the wall this morning after the FOS ordered it to compensate a customer exposed to Keydata products, in a case victims say mimics hundreds of others.
The N&P customer, who lost money in Keydata investments sold to them by the building society's IFAs, is the first to have their complaint upheld in a final decision by the Ombudsman. An Ombudsman's decision, once accepted by the complainant, is binding. The ruling is believed to be near-identical to about 500 complaints from other customers, and is set to expose N&P to up to £10m in compensation costs. Such a payout would cripple the building society, which is already teetering closer to losing its independence and is being circled by JC Flowers among others as a takeover target. O...
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